2025-03-31-accounts - The Bluecoat

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The Bluecoat

(A company limited by guarantee)

Annual Report and Consolidated Financial Statements

For The Year Ended 31 March 2025

Company number: 02246627 Charity number: 700862

The Bluecoat

(A company limited by guarantee)

Annual Report and Consolidated Financial Statements For The Year Ended 31 March 2025

Contents	Page
Company Information	3
Directors' Report	4
Independent Auditor's Report	13
Consolidated Statement of Financial Activities including the Income and Expenditure Account	17
Consolidated and Company Balance Sheet	18
Consolidated Statement of Cashflows	19
Notes to the Financial Statements	20

(A company limited by guarantee)

The Bluecoat

Company Information For The Year Ended 31 March 2025

Company number: 02246627

Charity number: 700862

Registered office: Bluecoat Chambers, School Lane, Liverpool, L1 3BX

Auditors: Mitchell Charlesworth (Audit) Limited, 14th Floor The Plaza, 100 Old Hall Street, Liverpool, L39QJ

Bankers: NatWest Bank, 2-8 Church Street, Liverpool, L1 3BG

Directors

The Directors of the charitable company (the charity) are its Trustees for the purpose of charity law. The Trustees serving during the year and since the year-end were as follows:

Peter Mearns Chair Jamie Eastman Resigned 31 March 2025 Ralph Bullivant Sri Sarker Michael Birchall Sally-Anne Watkiss Philomena Harrison Gabriella Chauke Rachel Duncan Benjamin Sledge Appointed 25 March 2024 Ian Spink Appointed 13 May 2024 Caroline Sanger-Davies Appointed 31 March 2025 Maureen Royce Appointed 31 March 2025 Mary Cloake Chief Executive

Governing Document

The Bluecoat is a company limited by guarantee, governed by its Memorandum and Articles of Association dated 21 April 1988, as amended by special resolutions dated passed 27 September 1988 and 9 December 2003.

The Bluecoat (A company limited by guarantee)

Directors' Report For The Year Ended 31 March 2025

The directors of the company, who are also the trustees of the charity, are pleased to present their annual report, together with the consolidated financial statements of the charity and its wholly owned subsidiary for the year ending 31 March 2025

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's memorandum and articles of association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Our Purposes and Objectives

Bluecoat is Liverpool's centre for the contemporary arts. We offer a year-round programme of visual art, music, dance, live art and literature that connects to and offers new perspectives on our contemporary world.

Our purpose is to open up possibilities for individuals and communities by:

●supporting diverse artists to develop their practice at all stages of their career, to engage with audiences and to communicate the power and value of art to as broad a spectrum of people as possible
●preserving, revealing and interpreting the multifaceted story of our historic building, and also the country's first arts centre, making it accessible to a range of audiences through activities, exhibitions, events and digital content in appropriate formats.

Through these we deliver the agreed objectives of the Charity when it was first constituted in 1927, which are to:

foster and promote the improvement, development and maintenance of artistic knowledge and understanding and appreciation of the arts.
promote and advance aesthetic education
cultivate and improve the public taste in the arts in the United Kingdom, in particular in Merseyside

Introduction

In a year marked by both creative ambition and financial challenge, the Bluecoat has reaffirmed its role as a vital hub for artists and the community.

At the heart of our work is a commitment to artist development and long-term relationships. We have strengthened our support for artists at all stages of their careers from emerging talents to established voices. Highlights include innovative exhibitions such as Let Your Ideas Come Back as Children, which placed children’s perspectives at the centre of artistic practice.

Our participation programmes have reached thousands, with Blue Room, Studio Me, and Out of the Blue delivering over 7,000 onsite experiences for children, families, and learning disabled artists. We have expanded our reach through new partnerships and pilot projects, ensuring that art remains accessible and meaningful to diverse audiences.

Through entrepreneurialism and adaptability, we have continued to find innovative ways to bring creative programming to our audiences. Looking ahead, the capital development project that will see the successful redevelopment of our Bistro will enhance our ability to serve as a flexible, inclusive space for culture and community.

Despite a challenging funding climate, we have adapted with resilience - integrating our programme with participatory work, heritage, live programme and business development.

At a time when the cultural sector faces significant pressures, the organisation has remained steadfast in its mission to break down barriers and make art accessible to all.

The Bluecoat (A company limited by guarantee)

Directors' Report For The Year Ended 31 March 2025 (Continued)

Artistic Development

This year we strengthened our role as a place where artists can grow, experiment, and connect with audiences. A defining feature of 2024-25 has been the creation of dialogue between local, national, and international artists, encouraging conversations that have shaped both the work itself and the way it has been received.

One of the clearest examples was the premiere of Role Model by Chinese artist Dahong Hongxuan Wang , whose film marked a step from performer to leading voice in her own right. Shown alongside Michelle Williams Gamaker ’s Our Mountains Are Painted On Glass and performances by Liverpool-based poet and artist Jennifer Lee Tsai , the programme fostered cross-cultural conversations between artists from Liverpool, London, and Beijing. These connections developed further through Lee Tsai’s collaborations and her own eventual solo presentation, demonstrating how we nurture artists across time rather than through one-off opportunities. Similarly, Alfred Beasley moved from participation in our Blue Room programme to presenting his sculptures Under the Apple Tree as an artist in his own right both at Bluecoat and on tour at Sunny Bank Mills gallery (Leeds).

Experimentation has also been at the heart of our work this year. Artists Paddy Gould and Roxy Topia created Let Your Ideas Come Back as Children , an exhibition designed with and for children. The show extended their practice into new territory. This exhibition was paired with Stine Marie Jacobsen ’s Future Before it Happens , which also engaged children’s perspectives on the future. We further tested new formats with The Year That Was , an exhibition that explored the sale of artworks and reflected on the past year’s programme. This gave artists such as Babak Ganjei and Joshua Clague fresh opportunities to show and sell work, with Clague’s textile pieces finding particular success.

Our commitment to working with artists long-term has remained central. We continued our relationship with Joanne Masding , commissioning new work for the But Does it Speak ? season, building on a relationship with Masding that began in 2017. Longstanding support has also shaped the development of Jennifer Lee Tsai and Alfred Beasley, showing the impact of sustained engagement in helping artists grow and audiences to benefit from their evolving practices.

In a challenging funding climate, we have adapted by using themed seasons to bring together different strands of our programme. The Year That Was highlighted how these seasons integrate participation, family engagement, international exchange, residencies, literature, and heritage. But Does it Speak ? continued this approach, blending local, national, and international artists while also connecting with the DaDa Festival and expanding access through captioning and inclusive commissions.

Together, these approaches: instigating dialogue between artists and audiences; creating space for experimentation; building long-term relationships with artists; and thematic seasons that draw our work into a coherent, audience focused programme, demonstrate our resilient and caring strategy for artist development. At its core, this work is about more than supporting individual practices: it is about offering the public meaningful encounters with art that is ambitious, experimental, and deeply connected to the world around it.

Participation

This year, we ran 417 sessions across our Blue Room Inclusive Arts, Children and Families and Cultural Legacies related strands of programme. Onsite, we provided 3,264 individual experiences for children and their families and 2,704 for Learning Disabled people and their families. Pilot programmes through Roots and Resilience, a Cultural Legacies programme, enabled us to attract new audiences and deliver 264 additional experiences onsite. A further 1,200 off-site experiences were made possible through collaborations with Norton Museums and Galleries , Cass Art , Sunnybank Mills and LUSH Cosmetics .

Blue Room and Studio Me

This year Beyond the Blue , a Blue Room programme funded by Esmée Fairbairn, concluded. Through this work, we increased membership by 25%, strengthened Blue Room’s profile and developed income opportunities. We successfully secured additional funding from Esmée Fairbairn Foundation through their Funding Plus scheme, outlined in the Development section of this report.

Building Blue Room’s profile remained a key focus. Tess Gilmartin ’s Horse Big was translated into packaging design sold globally by LUSH Cosmetics. We were also invited to take part in collaborative projects with Leeds University and a supported studio in Australia. To build connections across the inclusive arts sector, we attended national networking meetings including MK Gallery ’s Inclusive Practice in the Arts symposium, the Explorers Network , and the Supported Studio Symposium at Nottingham Castle, hosted by inclusive arts curator Jennifer Lauren . Blue Room member Yurena Gonzalez-Lee promoted the programme by codelivering an online creative workshop with Community Integrated Care to a national audience of social care staff.

Studio Me artists were represented in local and national exhibitions and events at Storyhouse Chester , Sunny Bank Mills Leeds , Cass Arts , Norton Priory Museums and Gardens , Radiate Arts and Project Ability in Glasgow.

The Bluecoat (A company limited by guarantee)

Directors' Report For The Year Ended 31 March 2025 (Continued)

Alfred Beesley 's Under the Apple Tree continued in collaboration with story-teller Gav Cross ; John Steele ’s painting of Dame Kelly Holmes, Athletics at the Olympics was exhibited at Chester-based Radiate Arts and Veronica Watson and Tess Gilmartin were featured in a group exhibition titled Express Collaborations at Project Ability in Glasgow. Catherine Haines was invited by Liverpool Biennial to collaborate on the development of a children’s guide for the festival.

During a period of closure in the gallery, Veronica Watson, Tess Gilmartin, Tom Rooney , Jane Walsh and John Steele were able to develop their practice at greater scale. The large spaces were transformed into a working studio, allowing the artists to try new techniques and document their work professionally. As a result, Veronica Watson will show her first solo exhibition and publication, All Together Now in April 2025.

We made significant progress developing saleable merchandise created by Blue Room artists, including prints and limited editions sold through Bluecoat’s shop and markets. A takeover of LUSH’s flagship store on Liverpool’s Church Street generated strong sales and boosted interest in Blue Room’s work.

Young Blue Room

With support from the National Lottery Heritage Fund, we piloted a Young Blue Room programme aimed at young learning disabled artists aged 16-30. Working with Sandfield Park School in East Liverpool, Hugh Baird College in Bootle and the Young Adult Respite Service , we built relationships to inform future work and deepen understanding of the lives and support systems of young learning disabled people.

We held Young Blue Room sessions at the Bluecoat in collaboration with Sandfield Park School. Participants co-created an animated music video to an original song about belonging, using stop motion, claymation, rotoscope, and digital animation. The film was presented at NowFest , Liverpool’s Young People’s Mental Health Festival at St George’s Hall, where it was awarded Judges’ Overall Choice .

Children, Families and Out of the Blue

Out of the Blue continued to operate in Four Oaks and Leamington Primary schools, both of which represent diverse communities in the first decile of multiple deprivation. With support from the National Lottery Heritage Fund we began working with a new city-centre partner: Pleasant Street Primary School . An initial survey of these new participants found 30% of families considered English as their second language.

Out of the Blue children worked on a variety of creative projects linked to exhibitions. They developed artworks with artists Paddy Gould and Roxy Topia for Let Your Ideas Come Back As Children as we focussed on co-curation with our young participants.

Out of the Blue children also collaborated with artist Andrea Ku on a project titled Fly High , which explored endangered butterflies and reflected on Liverpool’s relationship with Ukraine during Eurovision. This was developed into a short-term installation on the trees outside of the Bluecoat.

With funding through Merseyside Play Action Council ’s Holiday, Activities and Food Programme , we delivered on-site activity days for Out of the Blue participants. The themes for each activity day varied and included puppet making inspired by Farah Al Qasimi ’s Everybody was Invited to a Party during Bluecoat’s But Does It Speak? season. The associated food budget supported hot, nutritious meals provided by the Bluecoat’s catering team.

We ran two fully subscribed baby book clubs with artist and story-teller Roger Hill marking the project's 10th anniversary. We lead an outreach Baby Book Club in Leamington Primary Community School , as well as a six-week course attended by eight parents and their babies from Norris Green, Clubmoor and Anfield.

We delivered eight Family Activity Days celebrating the work of artists past and present. Themes ranged from a George Melly cabaret extravaganza featuring storyteller Gav Cross , to a dance and movement event featuring a performance titled In Time by Sole Rebel . The former was supported by the National Lottery Heritage Fund, and the latter by Liverpool BID.

Workshops in partnership with Liverpool Biennial featured commissions by Stine Marie Jacobsen in collaboration with children from St Anne’s Primary School.

Other activities for children and families included two ticketed Makers and Shakers events in collaboration with Movema ; Halloween, Weird Futures and heritagethemed printmaking activities held in the galleries; and a Christmas print party that invited families to create cards and decorations using traditional print methods.

The Bluecoat (A company limited by guarantee)

Directors' Report For The Year Ended 31 March 2025 (Continued)

Roots and Resilience

As part of the Roots and Resilience Programme supported by the National Lottery Heritage Fund, the team developed a new strand of work to engage young Global Majority people. The Project Facilitator and Project Assistant, both from global majority communities, focussed on themes that highlighted the artists and communities who have contributed to the Bluecoat story in the last 45 years.

Working with Archbishop Blanch Senior School , we set up an after-school art club for A-level art and design students. At the end of the 24-session programme, the pupils made a trip to the Bluecoat to conclude their work for a heritage tour of the building and a print workshop.

To complement this after school art club offer, we ran 15 pilot Saturday print clubs working with guest artists. Sessions were well-attended by a diverse mix of young people.

Bluecoat Participation Assistant and musician Oleta Omar la Cruz curated an afternoon event showcasing art and music. The event engaged with a range of other musicians and was well attended with many participants citing the lack of space and resources for musicians to gather and play music in the city.

Capital Development

In April 2024, we were awarded £680,000 from Arts Council England’s Capital Improvement Projects Funding Programme to redevelop our first floor Bistro. We were awarded an additional £70,000 from Liverpool City Council’s UK Shared Prosperity Fund towards the Project.

The project will enable us to reconfigure the space to create an accessible and flexible event space consistent with the rest of the building. Its versatility will allow configurations for different performances and events, both public and private.

The Project and Design Team were appointed in July to develop the design and specification of the space. Stakeholder and focus groups were also established to inform and interrogate the designs to ensure they would meet the needs of partner organisations or those hiring the new space.

Statutory consents were in place by December 2024 enabling us to develop a package of tender documents to appoint a Principal Contractor.

Cultural Legacies

The main focus for the year was The Bluecoat: A Cultural Heritage for Liverpool, funded by a National Lottery Heritage Fund ‘Resilience’ grant, to test new approaches to using heritage to make the organisation more sustainable. Through five interconnected strands of work, we gathered evidence, including reports from external consultants, presented in a final report.

Architectural Emporium reviewed our public spaces to see how the building could become more porous for visitors. Following consultation, they came up with an options appraisal for improving access and navigation including modest architectural adaptations, art commissions, interpretative signage and wayfinding interventions.

A Programme Development strand tested models for future participation involving children, families and young people, detailed further in the Participation section of this report. We successfully trialled Young Blue Room . Valuable learning resulted from a busy schedule of workshops, after school clubs, a Saturday print club and themed family weekends involving 960 participants. This demonstrated the potential for us to meet young people’s needs to learn, be creative and engage with our heritage – and identified the resources required for us to support ongoing programmes.

Extensive consultation with over 25 potential partner groups and individuals - researchers, educational institutions, curators, local historians and artists - helped establish a strong research base from which to develop Cultural Legacies programme themes. We recruited three curatorial advisers, Lauren Craig , Alex Day and Jessica Wan , from British Art Network ’s pool of emerging curators to further feed ideas in and stimulate our thinking.

An interdisciplinary research partnership with Liverpool John Moores University, ' The Bluecoat: Global Networks ', emerged, resulting in a collaborative PhD that will look at the nineteenth-century maritime mercantile connections of Blue Coat School trustees, feeding into future programming. We tested Live heritage music and literature events and we hosted six related exhibitions, this programme together attracting over 22,000 visitors.

Strategic agency Shorter & Sons carried out new research into audiences. Their report contained recommendations for using our heritage to drive deeper engagement and identifying key audiences to focus on, including young people and families.

A Commercial strand tested monetising our popular heritage building tours, attracting heritage conferences to use our venue and developing an innovative range of merchandise available both at the venue and an online shop, which have continued to prove popular.

The Bluecoat (A company limited by guarantee)

Directors' Report For The Year Ended 31 March 2025 (Continued)

Archives consultant Janice Tullock audited our large amount of archive material on site, consulting with staff, partners and - through drop-in archive sessions - the public. Her report, with its recommendations for developing and ensuring the long-term future of the archive, informed a successful application made to The National Archives for a professional archivist to catalogue our collection in partnership with Liverpool Record Office in the following financial year.

Participation in Heritage Open Days, with its theme of Routes, Networks, Connections , comprised building tours, artists’ open studios, a family weekend and special talks. Our annual Lowry Lounge celebrating Wirral-born writer Malcolm Lowry was themed around the Mexican Day of the Dead, and included a participatory altar dedicated to him, which attracted contributions from Mexico, Canada and the UK - one of our best attended and artistically successful Lounges to date.

The year witnessed a growth in demand for building tours and research requests from local history groups, colleges, postgraduate students, and visiting international parties. The Bluecoat was once again a venue for Slavery Remembrance Day’s Walk of Remembrance in August.

The Director of Cultural Legacies continued to chair the Arts & Culture Race Equality Action Group, hosting monthly meetings at the Bluecoat. This group monitors the sector’s Race Equality Manifesto and is taking on a wider remit in relation to an increasingly challenging external environment.

Public Visibility and Influence

Local cultural moments throughout the year gave opportunities to increase our public visibility. The launch of Taylor Town by Culture Liverpool saw a trail of installations inspired by Taylor Swift 's Eras Tour throughout the city. The Bluecoat participated, hosting a folklore -inspired, playable piano. The peak moment of a press tour was held in Bluecoat’s garden where the original owner of the pre-loved piano performed a variety of songs, while the artist gave interviews. Attending press included BBC , LBC , as well as local outlets such as The Guide and Liverpool World . Further coverage beyond the launch included pieces by The Guardian , The Daily Mail and CNN .

Press releases were distributed for Weird Futures , The Year That Was , But Does it Speak? and Bluecoat’s Archival programming, resulting in coverage across the Liverpool Echo , Uncover Liverpool , The Guide , Art in Liverpool , Creative Tourist , Art Rabbit and The Double Negative .

We developed films for Our Mountains are Painted on Glass and Role Models featuring interviews with artists Michelle Williams Gamaker and Dahong Hongxuan Wang . For the Weird Futures season, a film was produced featuring Bluecoat’s curatorial staff and the exhibition’s co-curators - children from Bluecoat’s Out of the Blue after school arts club. Both films were developed with Carl Davies of FACT Film Production . The films were used as content for our Hub screens in order to promote the exhibition to in-venue audiences, and were also used as rich content across the Bluecoat’s social media.

Paid adverts on Meta boosted ticket sales for the Bluecoat’s summer BBQs and festive lunches. Targeted advertising for Our Mountains are Painted on Glass and Role Models were taken out in arts press channels including Corridor8 and The Double Negative . An A3 poster distribution run accompanied the exhibitions, targeting areas in central and south Liverpool.

The Bluecoat was nominated for the People’s Choice Award for Outstanding Contribution to Culture in the Liverpool City Region Culture and Creativity Awards . The promotion for this included a video campaign featuring two Bluecoat staff members which was followed by a campaign to encourage the public to vote. Unfortunately the Bluecoat didn’t win the award, but we were honoured to be nominated.

Blue Room artist Tess Gilmartin won the Artist of the Year award at this year's Liverpool City Region Tourism Awards and her work Horse Big won the People's Choice Award at the Level Centre ’s open exhibition during the summer. Tess Gilmartin also collaborated with LUSH Cosmetics on an advent calendar design - sold internationally - and a window installation, which were launched at a takeover event in September. The related press release resulted in a Liverpool Echo article and a BBC Radio Merseyside interview with Tess GIlmartin and Blue Room’s Creative Manager, Becky Waite .

Across social media, followers on X steadily decreased, in line with many users leaving the platform in political protest, while Tiktok, Instagram and Facebook followers steadily increased. Social media highlights included a picture of Liverpool Football Club player Konstantinos Tsimikas visiting our garden, which reached 3,745 Instagram accounts. A post about the ‘ folklore ’ Taylor Swift piano reached 3,630 accounts and gained almost 200 likes. Almost as popular was a post advertising an event with artist Michelle Williams Gamaker, showing an audience with diverse interests on Instagram.

The Bluecoat (A company limited by guarantee)

Directors' Report For The Year Ended 31 March 2025 (Continued)

Business Development

This year we continued to build opportunities to bring in unrestricted income through business development. We achieved a 32% increase in revenue year on year through print, live programming, partner events, workshops, markets, commerce and ancillary spend.

Weddings and corporate hires remained fundamental to income generation. Updated marketing materials allowed us to communicate our offer succinctly.

We developed successful food and beverage initiatives including vegan BBQs; the launch of From the Kitchen - rotating specials selected by our chef; and Mother’s Day Afternoon teas. Our Christmas parties and dinners didn’t perform as well as anticipated, so will be adapted or discontinued.

Through the National Lottery Heritage Fund, we were able to trial a physical and online shop selling a range of heritage prints, books and merchandise from our archives, alongside products designed by artists. The initial response to the Bluecoat shop was encouraging and will enable the growth of commerce in the coming financial year.

40 print workshops were delivered through the Print Studio , bringing in over £9,000 of revenue and enabling us to teach traditional printing techniques to 170 attendees. Studio hires continued to grow, but at a slower pace than anticipated. The implementation of a new online booking system in 2025 should make the booking process smoother and encourage increased usage. We also hosted two corporate print workshops - a new product that we will continue to grow.

Markets remain part of the Bluecoat’s commercial strategy and enabled us to attract new audiences and increase visits to the gallery and cafe. We hosted Liverpool Print Fair ’s largest ever market across three spaces, as well as the Liverpool Artist Book Fair . Still-out-of Print hosted monthly second hand book fairs and in December we trialled three markets in the gallery space - Bluecoat’s Arts Market , Bloom Market , and an extended book fair.

Ticketed events included two film screenings linked to our exhibitions, creative workshops including calligraphy with Pei Tong , and wreath making with Gemma Longworth , plus a live music event in partnership with local promoters Thom Isom and Andy Hunt - featuring performances by Ka Baird , Rosie Terry Toogood , Dialect , and Ancient Plastix . A tribute to late artist and longstanding associate of the Bluecoat, Phillip Jeck took place in November - a celebration of his life and work with film and live performances.

Other partner events included The White Pube ’s Poor Artists book launch in collaboration with Dead Ink Books , Mindful Glow wellbeing sessions with Fever Events , Makers and Shakers led by Bluecoat and Movema - dance and creative sessions aimed at children and families.

We continued to reach new audiences by taking part in city wide initiatives and partnerships. In June, Liverpool became Taylor Town , in response to Taylor Swift ’s tour dates in Liverpool. As part of a trail commissioned by Culture Liverpool , the Bluecoat hosted a playable moss-covered piano, created by Quirky Design Co supported by MAKE CIC . The piano brought lengthy queues of fans waiting to take a picture, enabling us to reach a younger audience and international tourists from the USA. Two Taylor Swift themed print workshops for adults and one for children allowed us to weave our artistic objectives into the pop culture moment.

Other city initiatives were led by Liverpool BID . Bluecoat took part in a cultural mile walk, hosted a stall at BID’s Williamson Scare event - where free block printing activities attracted 148 children and 129 adults, and took part in an Elf on the Shelf trail aimed at children and families. It remains important for the Bluecoat to foster citywide relationships to develop a strong cultural offer within the city.

Development

In 2024-25, we continued to fundraise for the Bluecoat’s various projects, including our visual arts programme, Out of the Blue, Blue Room, and for our core operating costs. Our fundraising activity spanned Trusts and Foundations, Individual Giving and Bluecoat Memberships.

During this period, we applied to 66 trusts and foundations, successfully raising £894,856.43, with an approximate success rate of 18%.

We were successful in applying to Bloomberg Philanthropies’ Digital Accelerator Programme and were invited to participate, beginning February 2025. Our project will build upon exploratory work conducted as part of our capacity building project funded by Fidelity UK Foundation to further enhance and augment the Bluecoat’s digital infrastructure. A nominated BloombergTech Fellow will engage with the Digital Accelerator Programme to submit a second stage application in May 2025. Following online workshops with the wider cohort, the team will concentrate on developing a number of bespoke integrations for GoodCRM, alongside acquiring appropriate hardware and examining Bluecoat’s wider approach to digital workflows.

The Bluecoat (A company limited by guarantee)

Directors' Report For The Year Ended 31 March 2025 (Continued)

We successfully secured £680,000 in capital funding from Arts Council England to reconfigure our existing Bistro space, as referenced under the Capital Development Section of this report. We also received £40,000 from the Headley Foundation in support of restoring our building’s cupola.

We secured several grants to support our visual arts programme, including from Henry Moore Foundation, towards Joanne Masding’s sculptural work, and from the Hemby Trust, towards Let Your Ideas Come Back as Children .

To support our Blue Room programmes in both Liverpool and Halton, we received grants from Baily Thomas Charitable Fund, Halton Borough Council (Halton 50) and the ACC Liverpool Group Foundation

We also received funding from MPAC’s Holiday Activity Fund, the Pilkington General Charity Fund, and the Elizabeth L Rathbone Charitable Trust, to support our Children and Families work, including Out of the Blue.

We successfully applied to Esmée Fairbairn Foundation’s Funding Plus scheme, securing funding to pay for a consultant to write a business development plan as part of Blue Room’s Beyond the Blue development project previously funded by the foundation. This business plan will provide support with next steps for the Blue Room Programmes, providing a roadmap for growth and development for the next 5 years.

Other funding applications and appeals of which we are awaiting outcomes include the Charles Plater Trust, the Liverpool BID Arts and Culture Fund, and the Zero Waste Community Fund.

We raised £5,343 through Individual Giving using onsite and online fundraising, including our Membership and Patron schemes - a 28% increase compared to 202324 Total cash donations were £1,957; total contactless £681; total online £1,183; total events £192; and Memberships £1,340.

Throughout 2024-25, two fixed-term Development Assistants supported the team’s approach to Reporting and began steps towards establishing a more streamlined reporting system. We anticipate this preparatory work will inform our workflow development as part of our Bloomberg project.

Near the end of 2024-25, the team continued to research alternative funding streams, and began conversations with Penny Press makers Janet and John, hoping to attract more on-site donations through incentivised keepsakes and active making.

Financial Review

The consolidated financial results for the year are set out on pages 15 to 33 for Bluecoat and its wholly owned subsidiary, Trading at the Bluecoat Ltd. The group had net expenditure for the year of £166,851 (2024: £631,003), after charging depreciation and amortisation of £410,171 (2024: £409,866).

Trading at the Bluecoat Ltd operates a café and bistro, events, conferencing and catering facilities and the profits generated are distributed to the charity under gift aid to assist the charity in meeting its objectives. The venture generated a loss before tax for the year of £34,993 (2024: loss of £41,068).

Reserves and Investment Policy

Bluecoat understands the need for unrestricted reserves to cover downturns in both earned income and public funding. The Directors have agreed that the reserves level should aim to cover at least three months’ operating expenditure, this being approximately £500,000. At 31 March 2025, the group had unrestricted general reserves totalling £235,387 (2024 £60,835).

The Directors review the Reserves Policy on an annual basis. They recognise that growth in reserves will only arise from having a more sustainable business that is attractive to investment.

To this end, the Directors have made plans and taken action to improve the reserves position, including:

· reducing the operating cost base through the review and renegotiation of supplier contracts, and through reduction in staffing levels

· increasing earned income generation through the bringing in of skilled new board members on to the subsidiary trading company’s board, the development of a commercial strategy that will maximise the earnings potential from all areas of the building, and the implementation of this strategy · increasing grant income generation through a focused fundraising and development strategy supported by additional management focus on this area

. creating operating efficiencies in how the building is used through the forthcoming grant-funded capital investment into the central areas of the building

The Bluecoat

(A company limited by guarantee)

Directors' Report For The Year Ended 31 March 2025 (Continued)

The Directors have reviewed a broad range of evidence, including budgetary projections for a period of at least one year from the approval of these financial statements in order to confirm the going concern principle for the organisation. More detail on this matter is included in note 1 to these financial statements.

The charity’s investment in the subsidiary company is valued at cost less provision for any permanent diminution in value. The charity has no other investments, and surplus cash is held in bank accounts.

Appointment of Directors

As set out in the governing document the Board has a minimum of four Directors and a maximum of twenty. Membership of the Board is open to anyone who has interest in the objects of the company and are elected by members. The Board has the power to co-opt members considered to have specialist skills or knowledge that would be beneficial to the company, providing the number if co-opted members does not exceed a third of the membership of the Board. Co-opted members serve on the Board for a period determined by the Board, no to exceed five years. Currently there are no co-opted members.

Directors’ Induction and Training

Board members on appointment receive a full induction and there are also away-days each year, where the Board and senior staff review the direction and effectiveness of the organisation. These are augmented by courses and other board development interventions as appropriate. The term of office of Directors is four years. Suitable indemnity insurance is in place.

Organisation and Governance and Management Structures

The Board of Directors is responsible for the definition of policy and general oversight of all the functions and activities of the Company. The board delegates additional scrutiny and policy development to its committees. These consist of the Finance and General Purposes Committee, the Artistic Advisory Committee, the Board Development Committee, and the Safeguarding Committee. In addition, the charity’s subsidiary company Trading at the Bluecoat Ltd has its own board of directors. The strategic and operational leadership and management responsibility is delegated to the Chief Executive.

Related Parties and Co-Operation with Other Organisations

Any connection between a Director or senior manager of the charity with a production company, contracted artist, performer, exhibitor or supplier must be disclosed to the full board of Directors in the same way as any other contractual relationship with a related party. In the current year, related party transactions are set out in note 22 to the accounts. The charity's wholly owned subsidiary , Trading at The Bluecoat Ltd, operates the cafe, the bistro, events and conferencing facilities at Bluecoat.

Pay Policy for Key Management Personnel

None of the board Directors receive remuneration or other benefit from their work with the charity.

The remuneration of key management personnel is determined by the board Directors of the charity. They consider the seniority of the post, the expertise and experience of the post holder, the local market conditions and sector market conditions for remuneration and benchmarking information from similar organisations in determining the remuneration of key management personnel.

Plans for the Future

20525-26 will see the return of the Liverpool Biennial, with The Bluecoat hosting local, national and international artists as part of Bedrock, curated by Marie-Anne McQuay.

Following he success of 'The Year That Was', a group exhibition titled 'Just Browsing' will allow audiences to browse tactile works of art. The exhibition will borrow from the retail area around Bluecoats gallery to offer an experience of art that can be touched, worn and bought to take home. Artists in the exhibition will use textiles, ceramics and scent to connect with audiences. The exhibition will feature works and products from Bruce Asbestos, Ffion Evans, Gareth Gratrix, Ivy Kalungi, Lou Miller, Sufea Mohamad Noor, Lewis Prosser, Ben Saunders, Daniel Sean Kelly, Chester Tenneson and Carla Wright.

The Bluecoat’s Capital Investment Programme work will begin to take place, funded by Arts Council England, Liverpool City Council and the UK Government through the UK Shared Prosperity Fund. The project will refurbish and reconfigure our upstairs 'Bistro', into a more versatile and accessible events and performance space, with flexibility to host a year-round programme of events. The work will start in October 2025 and is expected to be completed by April 2026.

Looking further ahead, we will continue developing plans to celebrate the Bluecoat’s centenary year as an arts centre, which will take place in 2027. Celebrations will include live events, conferences and exhibitions.

(A company limited by guarantee)

The Bluecoat

Directors' Report For The Year Ended 31 March 2025 (Continued)

Risk Management

The major risks to which Bluecoat is exposed, as identified in the risk register, have been reviewed and mitigations and contingency plans put in place to manage these risks. The risk register is monitored and updated on an ongoing basis and reported to the Finance & General Purposes Committee of the Board at least twice a year.

The directors consider the key risks and uncertainties facing the charity are:

The Building is not sufficient to support strategy through lack of investment in day to day repairs and maintenance, and the conservation of the historic building is compromised.

This is mitigated by repairs and maintenance plan in place; Capital investment plan (balanced against cash constraints) in place; Capital grant funding bids. • Insufficient reserves resulting in inability to invest in future capital needs or respond to unforeseen circumstances. This is mitigated by future operating surplus budgets planned; margin identified and sought on all projects; Reserves Policy in place and strategy to achieve this; regular Finance Committee monitoring.

Directors’ Responsibilities in Relation to the Financial Statements

The Directors (who are also trustees of the charity) are responsible for preparing a Directors' report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Directors to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charity and of the income or expenditure of the charitable group for the year. In preparing those financial statements the Directors are required to:

select suitable accounting policies and then apply them consistently
observe the methods and principles in the Charities SORP
make judgements and estimates that are reasonable and prudent, whilst ensuring that applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Directors are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Information Provided to Auditors

In respect of each Director at the date the Directors’ Report is signed:

so far as we are aware, there is no information needed by the Charity’s auditors in connection with preparing their report (relevant audit information) of which they are aware; and
as the Trustees of the Charity we have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant audit information and to establish that the company's auditors are aware of that information

By order of the Board

Maureen Royce Co-Chair

Eddie Berg Co-Chair

(A company limited by guarantee)

The Bluecoat

Independent Auditor's Report to the Members of The Bluecoat For The Year Ended 31 March 2025

Opinion

We have audited the accounts of The Bluecoat (the 'Parent Charity') and its subsidiary (the "Group") for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated and parent charitable company Balance Sheets, the Consolidated Statement of Cash Flows and the notes to the accounts, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

●give a true and fair view of the state of the Group's and Parent Charity's affairs as at 31 March 2025 and of the group's incoming resources and application of resources, 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the accounts section of our report. We are independent of the Group and Parent Charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

The Bluecoat (A company limited by guarantee)

Independent Auditor's Report to the Members of The Bluecoat For The Year Ended 31 March 2025 (Continued)

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

●the information given in the trustees' report, which includes the directors' report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the Parent Charity and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report included within the Trustees' Report.

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

●adequate accounting records have not been kept by the Parent Charity, or returns adequate for our audit have not been received from branches not visited by us; or

the Parent Charity accounts are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees, who are also the directors of the Parent Charity for the purpose of company law, are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the trustees are responsible for assessing the Group's and the Parent Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the Parent Charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

The Bluecoat (A company limited by guarantee)

Independent Auditor's Report to the Members of The Bluecoat For The Year Ended 31 March 2025 (Continued)

Extent to which the audit has considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

●the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise noncompliance with applicable laws and regulations;
●we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal
correspondence; and

●identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships; ● tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

reading the minutes of meetings of those charged with governance; and
enquiring of management as to actual and potential litigation and claims.

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

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

The Bluecoat

(A company limited by guarantee)

Independent Auditor's Report to the Members of The Bluecoat For The Year Ended 31 March 2025 (Continued)

Use of our report

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

Anita Mason BA (Hons) BFP FCA (Senior statutory Auditor) For and behalf of Micthell Charlesworth (Audit) Ltd Accountants, Statutory Auditor, Suits C, D, E & F 14th Floor The Plaza, 100 Old Hall Steet, Liverpool, L3 9QJ Date:

The Bluecoat

(A company limited by guarantee)

Consolidated Statement of Financial Activities including the Income and Expenditure Account For The Year Ended 31 March 2025

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Unrestricted Restricted Total Funds Total Funds
Notes Funds Funds 2025 2024
£ £ £ £
Income
Other trading activities 3 924,768 - 924,768 933,909
Donations and legacies 4 3,858 - 3,858 10,861
Income from charitable activities 5 1,043,906 373,482 1,417,388 1,037,213
Total 1,972,532 373,482 2,346,014 1,981,986
Expenditure
Expenditure on raising funds 6 1,223,473 122,382 1,345,855 1,385,137
Expenditure on charitable activities 7 574,507 592,503 1,167,010 1,227,853
Total 1,797,980 714,885 2,512,865 2,612,990
Net incoming/(outgoing) resources for the year and net
movement in funds 174,552 (341,403) (166,851) (631,004)
Balance b/f 60,835 8,152,795 8,213,630 8,844,634
Balance c/f 235,387 7,811,392 8,046,779 8,213,630
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There are no recognised gains and losses in 2025 or 2024 other than the result for the year.

All income and expenditure derive from continuing activities.

The movement in funds detailed above complies with the requirements for a statement of changes in equity under FRS 102.

(A company limited by guarantee)

The Bluecoat

Consolidated and Company Balance Sheet As At 31 March 2025

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Group Company
2025 2024 2025 2024
Notes £ £ £ £
FIXED ASSETS
Intangible fixed assets 11 - - - -
Tangible assets 12 8,279,617 8,676,995 8,241,413 8,618,903
Investment in subsidiary 13 - - 1 1
8,279,617 8,676,995 8,241,414 8,618,904
CURRENT ASSETS
Stock 14 5,490 5,092 - -
Debtors 15 267,883 186,703 303,039 243,450
Cash at the bank and in hand 149,976 181,112 104,264 79,014
423,349 372,907 407,303 322,464
CREDITORS: Due within one year 16 493,995 600,422 357,956 445,367
Net Current Assets/(Liabilities) (70,646) (227,515) 49,347 (122,903)
Total Assets less Current Liabilities 8,208,971 8,449,480 8,290,761 8,496,001
CREDITORS: Due after one year 17 162,192 235,850 162,192 235,850
Total Net Assets 8,046,779 8,213,630 8,128,569 8,260,151
Funds
Unrestricted reserve - general 20 235,387 60,835 317,177 107,356
Restricted reserve 19 7,811,392 8,152,795 7,811,392 8,152,795
Total Funds 8,046,779 8,213,630 8,128,569 8,260,151
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The Trustees have taken advantage of Section 408 of Companies Act 2006 from the requirement to prepare a separate Statement of Financial Activities for the charity. The net expenditure dealt with in the financial statements of the charity is £131,858 (2024: £589,936 ).

The financial statements on pages 17 to 34 were approved and authorised for issue by the Board of Directors on

Signed on behalf of the Board of Directors

Maureen Royce Co-Chair

Eddie Berg Co-Chair

The Bluecoat

(A company limited by guarantee)

Consolidated Statement of Cashflows For The Year Ended 31 March 2025

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2025 2024
£ £
Cash flows from operating activties:
Net income/(expenditure) for the year (as per the statement of financial activities) (166,851) (631,004)
Adjusted for:
Depreciation 410,171 409,862
Decrease/(increase) in stock (398) 2,995
Decrease/(increase) in trade and other receivables (81,180) (338)
Increase/(decrease) in trade and other payables (110,553) 282,927
Net cash inflow/(outflow) from operating activities 51,189 64,442
Cash flows from investing activities
Purchase of property, plant & equipment (12,795) (68,949)
Cash used in investing activities (12,795) (68,949)
Cash flows from financing activities
Repayment of borrowing (69,530) (23,208)
Net cash flows used in financing activities (69,530) (23,208)
Net increase/(decrease) in cash & cash equivalents (31,136) (27,715)
Opening cash & cash equivalents 181,112 208,827
Closing cash & cash equivalents 149,976 181,112
Movement in cash and cash equivalents (31,136) (27,715)
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The Bluecoat (A company limited by guarantee)

Notes to the Financial Statements For The Year Ended 31 March 2025

1. ACCOUNTING POLICIES

Basis of Accounting

The financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with the 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 (FRS102) (effective 1 January 2019) - (Charities SORP (FRS102)), and the Companies Act 2006. These financial statements have been presented in pound sterling, which is the functional currency of the company, and rounded to the nearest £.

The Bluecoat meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

General Information

The Bluecoat is a company limited by guarantee and a registered charity, incorporated in the United Kingdom. The registered office is Bluecoat Chambers, School Lane, Liverpool, L1 3BX.

Group Financial Statements

The financial statements consolidate the results of the charity and its wholly owned subsidiary, Trading at the Bluecoat Limited, on a line-by-line basis.

Principal Activity

Bluecoat is Liverpool's centre for the contemporary arts. Our purpose is to open up creative possibilities for individuals and communities. We do this through a programme of exhibitions, live art and participation projects; through support to artists; by opening up our 18th century building to makers, traders and visitors; and by creating connections between Liverpool and the rest of the world.

Going Concern

The financial statements have been prepared on a going concern basis. Whilst the Bluecoat has been significantly impacted by the economic climate, causing trading and earned income to temporarily reduce, we have been able to successfully navigate through the economic disruption. We have done this through the careful management of costs, obtaining funding commitments from core funders, obtaining capital grants and recovery grants, together with achieving additional fundraising and careful cash flow management.

Even though the charity generated total net expenditure for the year of £166,851, this was made up of an unrestricted surplus of £174,552 and a restricted deficit of £341,403. This is after depreciation charged of £410,171 which was mainly due to the Restricted fund depreciation charge on the Bluecoat building as illustrated in note 21.

The directors remain committed to maintaining annual spending within available resources and increasing general reserves and are fully aware that the economic outlook remains challenging for The Bluecoat and its principal funders - Arts Council England and Liverpool City Council. Both funders have given The Bluecoat commitments of continuing levels of funding that enable The Bluecoat to plan and budget from a firm financial base, and Bluecoat's directors are committed to continue to work with funders to develop plans to improve the charity's financial resilience over the immediate period and in the medium to long term. During the financial year a successful bid was made for development of the Bistro. This will improve income earning potential for future years. The total project has an estimated cost of £800k and is funded by Arts Council England, Liverpool City Council and UKSPF Fund.

The trustees have considered the level of funds held and the expected level of income and expenditure for the twelve months from authorising these financial statements. The trustees assess the charity to be a going concern based on review of financial performance of the current financial year to date, the management accounts forecast for the remainder of the current financial year, the rolling cash flow forecast, funding commitments from Arts Council England and Liverpool City Council, and longer-term plans and forecasts for 2025, 2026 and beyond. As a result, the trustees are confident about the financial future of the charity and satisfied that these accounts are prepared on a going concern basis.

Taxation

The organisation is a registered charity and as such is exempt from taxation on its charitable activities. The charity has taken the opportunity to seek a corporation tax credit under the museums and galleries tax relief scheme.

The Bluecoat (A company limited by guarantee)

Notes to the Financial Statements For The Year Ended 31 March 2025 (Continued)

1. ACCOUNTING POLICIES (continued)

Government Grants

Revenue grants are credited as income when they are receivable, provided conditions for receipt have been complied with, unless they relate to a specified future period, in which case they are deferred. Grants for the purchase of fixed assets are credited to income when receivable.

Income

Income, including from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income received in advance of performance or provision of other specified service is deferred until the criteria for income recognition are met. Room hire, rent and other income are recognised on an accruals basis.

The charity has not been the beneficiary of any legacies during the year.

Donated Services and Facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised; refer to the directors' annual report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Fund Accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the directors have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for specific areas of the charity's work or for specific artistic projects being undertaken by the charity.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Costs of raising funds comprise the costs of commercial trading including the bar and bistro and their associated support costs.
●Expenditure on charitable activities includes the costs of performances, exhibitions and other educational activities undertaken to further the purposes of the charity and their associated support costs.
●Governance costs included in expenditure on charitable activities include those costs incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.
Support costs are apportioned to activity cost categories directly on a basis consistent with the use of resources, for example, sta� costs by time.
Other expenditure represents those items not falling into any other heading.

Where costs cannot be directly attributed, they have been allocated to activities on a basis consistent with the use of resources.

Irrecoverable VAT

Irrecoverable VAT is charged against the category of expenditure for which it was incurred.

Allocation of Support Costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back-office costs, finance, personnel, payroll and governance costs which support the charity's artistic programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The basis on which support costs have been allocated is set out in note 9.

The Bluecoat

(A company limited by guarantee)

Notes to the Financial Statements For The Year Ended 31 March 2025 (Continued)

1. ACCOUNTING POLICIES (continued)

Fixed Assets and Depreciation

All fixed assets are stated at cost less accumulated depreciation. All items over £500 are capitalised.

Depreciation of fixed assets is calculated to write-off their cost less any residual value over their estimated useful lives on a straight-line basis as follows:

Freehold Property 2% Computers and Related Equipment 33.3% Furniture and Fixtures 20% - 25% Other Equipment 12.5% - 25% Property Improvements 10%

Intangible fixed assets, which consist of brand and website collateral, are stated at cost (or deemed cost) or valuation less accumulated amortisation over an economic life of 3 years unless there are any impairment losses to be recognised.

Stock

Purchased stock is included at the lower of cost or net realisable value.

Donated artworks which have been received by the charity for future sale have not been recognised as stock in the accounts. This is because the charity is unable to determine with any certainty the timing or value of any potential sale of the donated artworks.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at Bank and in Hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and Provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Concessionary loans are measured at amortised cost.

Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Reserves

The charity has a number of restricted income funds to account for situations where a donor requires that a donation must be spent on a particular purpose or where funds have been raised for a specific purpose.

All other funds are classified as unrestricted funds. Unrestricted reserves, if designated for a specific purpose or period, are accounted for as designated unrestricted reserves.

The Bluecoat (A company limited by guarantee)

Notes to the Financial Statements For The Year Ended 31 March 2025 (Continued)

1. ACCOUNTING POLICIES (continued)

Operating Lease Agreements

Rentals paid under operating leases are charged in the Statement of Financial Activities as they are incurred.

Pension Contributions

The charity has a defined contribution pension scheme. Contributions are charged in the Statement of Financial Activities as they become payable in accordance with the scheme rules.

2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION AND UNCERTAINTY

The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that affect the carrying amounts of assets and liabilities at the balance sheet date and income and expenditure during the year. The judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved, the actual results and outcomes could differ from the estimates.

In the process of applying the charity's accounting policies, the directors believe that the critical judgements or estimates that have the most significant effect on

● Assessing any indicators of impairment in relation to assets. The directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairments identified during the current financial year.

● Recoverability of debtors. The charity establishes a provision for debtors that are estimated not to be recoverable. To assess recoverability the directors consider factors such as the ageing of the debtors and past experience of recoverability.

● Determining residual values and useful economic lives of property, plant and equipment. The charity depreciates tangible assets over their estimated useful lives. The estimation of the useful lives is based on historic performance as well as expectations about future use. The actual lives of these assets can vary depending on a variety of factors, including technological innovation and maintenance programmes. Judgement is applied by management when determining the residual values for plant and equipment. When determining the residual value, management aim to assess the amount that the charity would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible, this is done with reference to external market prices.

The estimates and underlying assumptions are reviewed on an ongoing basis. Any revisions are recognised in the period in which the estimate is revised.

3. OTHER TRADING ACTIVITIES

Income from rents and room hires Catering outlet income Box office & merchandise income OTHER TRADING ACTIVITIES (PRIOR YEAR) Income from rents and room hires Catering outlet income Box office & merchandise income	Unrestricted Funds £ 362,763 562,005 - 924,768 Unrestricted Funds £ 353,191 579,822 896 933,909	Restricted Funds £ - - - - Restricted Funds £ - - - -	Total Funds 2025 £ 362,763 562,005 - 924,768 Total Funds 2024 £ 353,191 579,822 896 933,909	Total Funds 2024 £ 353,191 579,822 896 933,909 Total Funds 2023 £ 304,938 466,608 5,479 777,025

4. DONATIONS AND GIFTS INCOME

Income of £3,858 (2024: £10,861 ) represents unrestricted income from fundraising events and other donations received.

The Bluecoat

(A company limited by guarantee)

Notes to the Financial Statements For The Year Ended 31 March 2025 (Continued)

5. INCOME FROM CHARITABLE ACTIVITIES

Revenue Grants Arts Council England Liverpool City Council Project Grants Arts Participation Business Development Other Income Capital Grant Release Museums & Galleries Tax Relief Other Charitable Activity Income INCOME FROM CHARITABLE ACTIVITIES (PRIOR YEAR) Revenue Grants Arts Council England Liverpool City Council Project Grants Arts Participation Business Development Other Income Covid Recovery Grants Capital Grant Release Museums & Galleries Tax Relief Other Charitable Activity Income 6. EXPENDITURE ON RAISING FUNDS Advertising and Marketing Building Running Costs Support Costs (see note 9) Fundraising and Development Commercial Operations	Unrestricted Funds £ 495,844 216,000 - 143,741 - - 141,216 47,105 1,043,906 Unrestricted Funds £ 495,848 120,000 - 135,346 - - - 25,594 40,633 817,421 Unrestricted Funds £ 93,235 305,297 120,993 143,173 560,775 1,223,473	Restricted Funds £ - - 4,100 177,750 121,632 70,000 - - 373,482 Restricted Funds £ - - 25,005 98,523 87,588 - 8,676 - - 219,792 Restricted Funds £ - - - - 122,382 122,382	Total Funds 2025 £ 495,844 216,000 4,100 321,491 121,632 70,000 141,216 47,105 1,417,388 Total Funds 2024 £ 495,848 120,000 25,005 233,869 87,588 - 8,676 25,594 40,633 1,037,213 Total Funds 2025 £ 93,235 305,297 120,993 143,173 683,157 1,345,855	Total Funds 2024 £ 495,848 120,000 25,005 233,869 87,588 8,676 25,594 40,633 1,037,213 Total Funds 2023 £ 495,846 150,000 257,245 409,099 - 19,494 29,193 32,629 28,048 1,421,554 Total Funds 2024 £ 110,920 382,410 167,310 103,977 620,520 1,385,137

The Bluecoat

(A company limited by guarantee)

Notes to the Financial Statements For The Year Ended 31 March 2025 (Continued)

EXPENDITURE ON RAISING FUNDS (PRIOR YEAR)

Advertising and Marketing Building Running Costs Support Costs (see note 9) Fundraising and Development Commercial Operations 7. EXPENDITURE ON CHARITABLE ACTIVITIES Arts Programme Participation Support Costs (see note 9) Governance Costs EXPENDITURE ON CHARITABLE ACTIVITIES (PRIOR YEAR) Arts Programme Participation Support Costs (see note 9) Governance Costs	Unrestricted Funds £ 110,920 382,410 167,310 100,634 537,025 1,298,299 Unrestricted Funds £ 144,078 205,294 206,116 19,019 574,507 Unrestricted Funds £ 180,079 176,863 291,301 21,306 669,549	Restricted Funds £ - - - 3,343 83,495 86,838 Restricted Funds £ 42,441 168,976 381,086 - 592,503 Restricted Funds £ 66,471 110,736 381,097 - 558,304	Total Funds 2024 £ 110,920 382,410 167,310 103,977 620,520 1,385,137 Total Funds 2025 £ 186,519 374,270 587,202 19,019 1,167,010 Total Funds 2024 £ 246,550 287,599 672,398 21,306 1,227,853	Total Funds 2023 £ 131,720 379,999 196,827 159,470 434,303 1,302,319 Total Funds 2024 £ 246,550 287,599 672,398 21,306 1,227,853 Total Funds 2023 £ 344,472 418,885 679,727 19,407 1,462,491

The charitable expenditure on charitable activities includes staff costs directly attributed to the named activities above in addition to the support costs noted.

8. AUDITOR'S REMUNERATION

The group incurred the following charges from auditors: Auditor's fee Other services	2025 £ 14,450 14,450	2024 £ 13,240 255 13,495

The Bluecoat (A company limited by guarantee)

Notes to the Financial Statements For The Year Ended 31 March 2025 (Continued)

9. SUPPORT COSTS

Professional fees Wages and salaries Staff expenses, recruitment & training Bank charges Depreciation ICT support, telephone & stationery Loan interest Materials, equipment & sundry Irrecoverable VAT Bad debts written off Audit fees Board expenses SUPPORT COSTS (PRIOR YEAR) Professional fees Wages and salaries Staff expenses, recruitment & training Bank charges Depreciation ICT support, telephone & stationery Loan interest Materials, equipment & sundry Irrecoverable VAT Bad debts written off Audit fees Board expenses	Costs of raising funds £ 38,049 49,937 1,057 1,023 - 6,118 22,162 2,647 - - - - 120,993 Costs of raising funds £ 48,694 77,329 2,217 984 - 6,577 26,240 2,990 - 2,280 - - 167,311	Charitable activities £ 68,487 89,886 1,902 1,842 383,785 11,012 - 4,765 25,523 - - - 587,202 Charitable activities £ 87,649 139,192 3,990 1,772 395,541 11,838 - 5,383 27,035 - - - 672,400	Charitable activities governance £ 2,174 2,854 60 58 - 350 - 151 - - 10,188 3,184 19,019 Charitable activities governance £ 2,783 4,419 127 56 - 376 - 171 - - 10,601 2,775 21,308	Total 2025 £ 108,710 142,677 3,019 2,923 383,785 17,480 22,162 7,563 25,523 - 10,188 3,184 727,214 Total 2024 £ 139,125 220,940 6,333 2,812 395,541 18,790 26,240 8,544 27,035 2,280 10,601 2,775 861,016	Total 2024 £ 139,125 220,940 6,333 2,812 395,541 18,790 26,240 8,544 27,035 2,280 10,601 2,775 861,016 Total 2023 £ 197,981 203,458 22,563 3,668 403,715 21,068 16,965 1,502 19,376 (4,737) 8,161 2,242 895,962

Support costs are apportioned to activity cost categories directly on a basis consistent with the use of resources, for example, staff costs by time. Governance support costs relate to staff time on governance matters as well as expenses incurred by governance matters.

The Bluecoat (A company limited by guarantee)

Notes to the Financial Statements For The Year Ended 31 March 2025 (Continued)

10. SALARIES AND WAGES

Average number of employees:- Management, development & administration Arts programme Technicians Engagement Trading company Group Wages and salaries Social security costs Pension costs	2025 No. 12 41 2 14 21 90 2025 £ 1,052,512 82,067 22,643 1,157,222	2024 No. 9 35 11 13 21 89 2024 £ 1,024,014 76,264 20,040 1,120,318

Salary costs includes severance and redundancy payments of £nil (2024: £11,445). The company has a defined contribution pension scheme. Contributions are charged in the Statement of Financial Activities as they become payable in accordance with the scheme rules.

No trustees received remuneration in 2025 or 2024. During the year one director (2024: one) was reimbursed for travel expenses totalling £635 (2024: £711).

The key management personnel of the parent company, The Bluecoat, comprises the directors, who are also trustees of the charity, and the leadership team. The key management personnel of the group, and the employee benefits, are identified as the same for the Charity. During the year the leadership team comprised the Chief Executive, the Head of Projects and the Director for Marketing and Business Development. The total employee benefits of the leadership team were £163,886 (2024: £154,765).

The number of employees who received total remuneration benefits (exlcuding employer pension costs) of more than £60,000 in the year is as follows:

		2025	2024
£70,000	- £80,000	1	1

(A company limited by guarantee)

The Bluecoat

Notes to the Financial Statements For The Year Ended 31 March 2025 (Continued)

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11. INTANGIBLE FIXED ASSETS (Group and Company)
Branding and
Group and Company website
£
Cost
At 1 April 2024 45,635
Additions -
Disposals -
At 31 March 2025 45,635
Depreciation
At 1 April 2024 45,635
Additions -
Disposals -
At 31 March 2025 45,635
Net Book Value
31 March 2025 -
31 March 2024 -
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The Bluecoat (A company limited by guarantee)

Notes to the Financial Statements For The Year Ended 31 March 2025 (Continued)

12. TANGIBLE FIXED ASSETS

	Freehold	Property	Computer	Other	Furniture
Group	property	improvements	equipment	equipment	and fixtures	Total
	£	£	£	£	£	£
Cost
At 1 April 2024	12,284,705	707,405	256,262	386,365	448,102	14,082,839
Additions	-	-	7,582	5,213	-	12,795
Disposals	-	-	-	-	(6,816)	(6,816)
At 31 March 2025	12,284,705	707,405	263,844	391,578	441,286	14,088,818
Depreciation
At 1 April 2024	3,930,946	447,897	196,931	384,044	446,026	5,405,844
Charge for the year	245,683	135,411	27,295	828	954	410,171
Disposals	-	-	-	-	(6,816)	(6,816)
At 31 March 2025	4,176,629	583,308	224,226	384,872	440,164	5,809,199
Net book value
31 March 2025	8,108,076	124,097	39,618	6,706	1,122	8,279,617
31 March 2024	8,353,759	259,508	59,331	2,321	2,076	8,676,995
	Freehold	Property	Computer	Other	Furniture
Company	property	improvements	equipment	equipment	and fixtures	Total
	£	£	£	£	£	£
Cost
At 1 April 2024	12,284,705	707,405	185,816	378,752	441,286	13,997,964
Additions	-	-	2,230	5,213	-	7,443
Disposals	-	-	-	-	-	-
At 31 March 2025	12,284,705	707,405	188,046	383,965	441,286	14,005,406
Depreciation
At 1 April 2024	3,930,946	447,897	183,176	377,831	439,211	5,379,061
Charge for the year	245,683	135,411	2,056	828	954	384,932
Disposals	-	-	-	-	-	-
At 31 March 2025	4,176,629	583,308	185,232	378,659	440,165	5,763,993
Net book value
31 March 2025	8,108,076	124,097	2,814	5,306	1,121	8,241,413
31 March 2024	8,353,759	259,508	2,640	921	2,075	8,618,903

The freehold property and other assets are included at cost. The net book value of freehold property as at 31 March 2025 is £8,108,076. The Arts Council of England and the National Heritage Memorial Fund hold charges over the property.

The Bluecoat (A company limited by guarantee)

Notes to the Financial Statements For The Year Ended 31 March 2025 (Continued)

13. INVESTMENTS

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|||| |---|---|---| |Group|Company| |£|£| |Cost| |As at 31 March 2024|-|1| |As at 31 March 2025|-|1|

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The investment relates to 100% of the ordinary share capital owned by The Bluecoat in the subsidiary, Trading at the Bluecoat Limited, a company incorporated in England and Wales, company registration number 06825349 and whose registered office is The Bluecoat, School Lane, Liverpool, L1 3BX.

As at 31 March 2025, its reserves stood at a deficit of £81,790. The principal activity of Trading at the Bluecoat Limited is to operate catering and hospitality outlets situated within the building. The company also undertakes events and room hire. The venture's financial results for the year 31 March 2025 were:

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|||| |---|---|---| |2025|2024| |£|£| |Turnover|562,005|579,822| |Grant income|122,382|83,495| |Expenditure|(719,380)|(704,385)| |Tax|-|-| |Profit/(Loss)|(34,993)|(41,068)| |14. STOCK| |2025|2024| |£|£| |Food & drink|5,490|5,092| |15. DEBTORS| |2025|2024| |Amounts due within one year:|£|£| |Group| |Trade debtors|28,892|65,624| |Accrued income|145,186|84,969| |Other debtors|93,805|36,110| |267,883|186,703| |Company| |Trade debtors|25,363|44,641| |Accrued income|145,186|84,969| |Other debtors|87,044|31,032| |Amounts due from group companies|45,446|82,808| |303,039|243,450|

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The Bluecoat (A company limited by guarantee)

Notes to the Financial Statements For The Year Ended 31 March 2025 (Continued)

16. CREDITORS - AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Trade creditors Deferred income Social security and other taxes Accruals and provisions Other creditors Loans < 12 months Company Trade creditors Deferred income Social security and other taxes Accruals and provisions Other creditors Loans < 12 months	2025 £ 119,071 107,815 85,035 38,899 8,019 135,156 493,995 93,093 1,617 88,724 31,347 8,019 135,156 357,956	2024 £ 79,987 271,707 59,039 50,869 7,790 131,030 600,422 67,681 134,112 60,106 44,648 7,790 131,030 445,367

The Arts Council of England has a fixed and floating charge over land and properties of the Charity. The National Heritage Memorial Fund has legal charges over all monies due or to become due.

Within loans is £61,500 which relates to a concessionary loan provided by Liverpool City Council, which is interest free and is repayable by instalments. There is also a social investment loan from Livv Housing Group that is provided over a five-year term and a loan from Social Investment Business for £250,000 over a fiveyear term.

Deferred income comprises grants received in advance of expenditure, and advanced ticket sales and deposits for events to be held at The Bluecoat after the balance sheet date.

17. CREDITORS - AMOUNTS FALLING DUE GREATER THAN ONE YEAR

Group Loans > 12 months Company Loans > 12 months Included in the above are the following items: Maturity of debt: Amounts falling due: - In one year or less - Between one year and two - Between two years and five	2025 £ 162,192 162,192 2025 £ 135,156 51,514 110,679 297,349	2024 £ 235,850 235,850 2024 £ 131,030 73,610 162,241 366,881

The Bluecoat (A company limited by guarantee)

Notes to the Financial Statements For The Year Ended 31 March 2025 (Continued)

18. FINANCIAL INSTRUMENTS

Group Financial assets at cost Financial liabilities at cost Loan commitments at cost Company Financial assets at cost Financial liabilities at cost Loan commitments at cost 19. RESTRICTED FUNDS Group and Company Building development Participation Arts Fundraising & development RESTRICTED FUNDS (PRIOR YEAR) Group and Company Building development Participation Arts Fundraising & development	Balances as at 1 April 2024 £ 8,052,811 56,792 42,441 750 8,152,794 Balances as at 1 April 2023 £ 8,425,231 69,005 83,907 - 8,578,143	Movement Income £ 70,000 177,750 4,100 121,632 373,482 Movement Income £ 8,676 98,523 25,005 87,588 219,792	2025 £ 417,859 157,970 297,349 407,303 124,440 297,349 in Funds Expenditure £ 381,086 168,976 42,441 122,382 714,885 in Funds Expenditure £ 381,096 110,736 66,471 86,838 645,141	2024 £ 331,704 130,855 366,880 291,434 112,330 366,880 Balances as at 31 March 2025 £ 7,741,726 65,566 4,100 - 7,811,392 Balances as at 31 March 2024 £ 8,052,811 56,792 42,441 750 8,152,794

Building development: This represents grants received to finance the major refurbishment of The Bluecoat that took place between 2006 - 2008, capital grants received in 2020-21 to renovate and refurbish the reception area and capital grant from Liverpool CAIP relating to the Bistro refurbishment due to start 2025/26. Participation: Funding for outreach programmes of participation events aimed at the local community. This includes receipts from Esmee Fairburn, HAF, Halton Borough Council, ACC Liverpool and Elizabeth Rathbone.

Arts: Funding is received for a range of artistic commissions. This includes receipts from Hemby Trust and Artfund.

Fundraising & development: Fidelity and School for Social Entrepreneurs to support the charity in developing more diverse sources of income.

The Bluecoat (A company limited by guarantee)

Notes to the Financial Statements For The Year Ended 31 March 2025 (Continued)

20. UNRESTRICTED FUNDS

Group General Company General UNRESTRICTED FUNDS (PRIOR YEAR) Group General Company General 21. ANALYSIS OF NET ASSETS Group Building development Participation Arts Fundraising & development Unrestricted funds Total funds ANALYSIS OF NET ASSETS (PRIOR YEAR) Group Building development Participation Arts Fundraising & development Unrestricted funds Total funds	Balances as at 1 April 2024 £ 60,835 107,356 Balances as at 1 April 2023 £ 266,490 272,216 Fixed assets £ 8,232,173 - - - 8,232,173 47,446 8,279,619 Fixed assets £ 8,613,270 - - - 8,613,270 63,725 8,676,995	Movement Income £ 1,972,532 1,288,145 Movement Income £ 1,762,191 1,098,876 Net current assets/(liabilities) £ (490,447) 65,566 4,100 - (420,781) 350,133 (70,648) Net current assets/(liabilities) £ (560,458) 56,793 42,441 750 (460,474) 232,960 (227,514)	in Funds Expenditure £ 1,797,980 1,078,324 in Funds Expenditure £ 1,967,848 1,263,737 Long-term liabilities £ - - - - - (162,192) (162,192) Long-term liabilities £ - - - - - (235,849) (235,849)	Balances as at 31 March 2025 £ 235,387 317,177 Balances as at 31 March 2024 £ 60,833 107,356 Total for year 2025 £ 7,741,726 65,566 4,100 - 7,811,392 235,387 8,046,779 Total for year 2024 £ 8,052,812 56,793 42,441 750 8,152,796 60,836 8,213,632

The Bluecoat (A company limited by guarantee)

Notes to the Financial Statements For The Year Ended 31 March 2025 (Continued)

The net current liability on the Building Development Restricted Fund represents the transfer of funds from restricted to unrestricted that took place between 2006 and 2009 to reflect the reallocation of projects and brought forward balances between categories, and more recently capital grants received and spent between 2020-21 to renovate and refurbish the reception area.

ANALYSIS OF NET ASSETS Company Building development Participation Arts Fundraising & development Unrestricted funds Total funds ANALYSIS OF NET ASSETS (PRIOR YEAR) Company Building development Participation Arts Fundraising & development Unrestricted funds Total funds	Fixed assets £ 8,232,173 - - - 8,232,173 9,241 8,241,414 Fixed assets £ 8,613,270 - - - 8,613,270 5,635 8,618,905	Net current assets/(liabilities) £ (490,447) 65,566 4,100 - (420,781) 470,128 49,347 Net current assets/(liabilities) £ (560,458) 56,793 42,441 750 (460,474) 337,570 (122,904)	Long-term liabilities £ - - - - - (162,192) (162,192) Long-term liabilities £ - - - - - (235,849) (235,849)	Total for year 2025 £ 7,741,726 65,566 4,100 - 7,811,392 317,177 8,128,569 Total for year 2025 £ 8,052,812 56,793 42,441 750 8,152,796 107,356 8,260,152

22. RELATED PARTIES

The company is controlled by its directors whose names are shown on page 2.

The charity has taken advantage of the exemption in Section 33 of FRS 102 from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared. Please see note 10 which covers Trustee remuneration.

The charity continued to enjoy a close working relationship with the Arts Council and Liverpool City Council who provide funding to enable the charity to carry out its charitable objectives. The grants received are included in the financial statements under income from charitable activities.

There were no other related party transactions during the year, nor any outstanding balances at the year end.

The Bluecoat (A company limited by guarantee)

Notes to the Financial Statements For The Year Ended 31 March 2025 (Continued)

23. OTHER FINANCIAL COMMITMENTS

At 31 March 2025 the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases as at the reporting date as follows:

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|||| |---|---|---| |2025|2024| |£|£| |Expiry date:| |Not later than one year|1,680|1,680| |Later than one year and not later than five years|4,060|5,740|

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24. PENSION COMMITMENTS

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those in the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £22,643(2024: £20,040).

25. CAPITAL COMMITMENTS

Work to begin in October 2025 to renovate the Bistro space. This will be funded by a capital grant from Arts Council England for £680,000, and £70,000 from the UKSPF Fund. Total project expected to cost £800,000.

26. PRIOR YEAR COMPARATIVE SOFA

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||||||| |---|---|---|---|---|---| |Unrestricted|Restricted|Total Funds|Total Funds| |Notes|Funds|Funds|2024|2023| |£|£|£|£| |Income| |Other trading activities|3|933,910|-|933,910|777,025| |Donations and legacies|4|10,861|-|10,861|4,767| |Income from charitable activities|5|817,423|219,792|1,037,215|1,421,553| |Total|1,762,194|219,792|1,981,986|2,203,345| |Expenditure| |Expenditure on raising funds|6|1,298,299|86,838|1,385,137|1,302,319| |Expenditure on charitable activities|7|669,550|558,303|1,227,853|1,462,490| |Total|1,967,849|645,141|2,612,990|2,764,809| |Net incoming/(outgoing) resources for the year and net|(205,655)|(425,349)|(631,003)|(561,464)| |Balance b/f|266,490|8,578,143|8,844,633|9,406,097| |Balance c/f|60,835|8,152,795|8,213,630|8,844,633|

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