Company Reg18tratlon Numbor: N161 $954 Charlty Number: N1104893 Strand Arts Centre . (A ¢omp*ny limited by. guarantee. not havlng a sh*• capltsl) Annual Report and Audited Flnanclal Statements for the financial year ended 31 March 2025 DNTCA Llmited Chartered Accounlants and Senlor Statutory Auditor ' Ormeau Hous• 91-97 Omleau Road Bèlfast BT7 1SH •AEHR7QXD* 1911212025 COMPANIES HOUSE A39 Strand Arts Centre {A company limOt•d by guarante•, nol having a Share capital) CONTENTS Page Trustees. and Other Infomation Trustees, Annual Report Slatement of Trustees, Responsibilities Independent Auditor's Report 8-10 ststement of Financlal A¢tlvltles 8alance Sheet 12 ststement of Cash Flows 13 Notes to the Flnancial Statements 14-21 Strand Arts Centre IA company limit¢d by guarantee. not havlftg o shar• ¢apitsll TRUSTEES. AND OTHER INFORMATION Trustees Brian Gaffney Janice Brannigan (Appointed 19 November 2024) Caroline Wilson (Appointed 19 Novomber 2024) Paula McKay Rachel McGulckin Claire Ritchie {Resign8d 19 November 2024) James Neill Morton OBE Sieph3ni8 Vaughan mich011￿ Turtle Mark Compston Mary Ambertea Neely Kathryn Thomson Ch•lrporsoii Kathryn Thomson Comp•ny S•cr•tary Mark Comp8lon Charlty Num1￿1 In Northom Ir•land N1104893 Cofflpany R•qlstratlon Numb•r N1615954 R•gl•t•rod Oln¢• Jnd PrlnclpAI Addr088 156 Holywood Road Bolfast BT4 1NY Northorn Ireland Audltof8 ONTCA Llmitod Chartered A¢countan18 and Senior Statutory Auditor Ormeau House 91-97 Ofmeau Road 8elfasl 8T7 1SH Prlnclpal Bank•rg Oanske Bank Donegall Square West Belfast Antrim BT16JS United ￿'ngdoM 8ollGItorn Edw8fds Solicltor8 3rd Floor Sessia House 61-67 tkjnegall Street Belfast Antrim BT11QH United Klngdom Strand Arts Centre {A ¢ompany Ilmlled by guarantee. not havlng a sharo capital) TRUSTEES. ANNUAL REPORT for the financial year ended 31 March 2025 The trustees present their Truslees, Annual Report, combining Ihe D1￿ctorS, Report and Trustees, Report. and the audited financial statements for the financlal year ended 31 March 2025. The finana81 slalèmenls are prepared in accordance with th8 Companies Act 2006, FRS 102 Yhe Financial Reporting Standard applicable In the UK arKI Republic of Ireland" and Accounting and Reporting by. Charlties.. Stslement of Recommended Practico applicable to ¢haritie9 preparing Ihoir financial 81alements in accordance with the Financial Reportlng Standard appllcable in Ihe UK and Republi¢ of Ireland {FRS 102). The charlty is a registered charity and hence th• rèport and results are presented in a fonn which complie8 with the reqU1￿ments ol the Companies Act 2006 and, although not obliged to Comply with the Stalement of Recommended Pracllce 8pplie4bl8 in the UK and Republic of Ir&land FRS 102. th6 organisallon has Implemented Ils recommendations where relevant in these financlal Statements. Flnan¢l81 R•vl•w The Tesults for tho financial year are set out on page 11 and additional notss ar8 providad showing income and 8xpendilure in greater detsil. Flnanclal Results Al the end of the financial year the charlty has assets of £806.85512024 - £782.9081 and liabilitles of £613,795 (2024 - £533,475). The net assots of the ¢h8rity have d•creas8d by £156.373). Tru6tO•8 The Iru8lee8 who served throughout th• flnanGial year, exc4pt 88 noted. were as fallows.. Brian Gaffney Janice Brannlgan (Appolnlgd 19 November 20241 Caroline Wilson (Appointed 19 November 20241 Paula McKay Rachel McGulcklD Claire Ritchie (Resigned 19 November 2024) James Neill Morton 08E Stephanie Vaughan Michelle Turtle Mark Compston Mary Ambedea Neely Kathryn Thomson Tho Secretary who 88ryed during the finondal year wa$.. Mark Compslon Compllan¢o wlth Sector-wlde Loglslatlon and Standards The charlty engages Pftractively with legislatlon, standards and ¢odes whlch are developad lor the soctor. Stsnd Arts Centre subscribes lo and is compliant wilh the following.. The Companies Act 2006 The Charitles SORP (FRS 102} Stru¢lurn and Governan¢o The charity is a company Ilmiled by guarantee. not-for-profil and not having a share capital. governed by its Memorandum and Articles of Association. It is a company incofporated under the charities act 2006 (N1615954). The eomp8ny is a charity recognl$ed by the North8m Ireland Charity Commission {N1002851. A Management Team of 6 manage the day-lo-day running of the charity. ￿pOrting to ihe board of trustees and onsurlng the company 1$ adhering lo its core values Il$ted below: The main purpose of Strand Arts Centre is to be "The creativ8 heart of East Belfast where everyone wants to be.. Reallsing the vision of.. -A thriving, inclts$ive and inspiring hub with an innovative programme rooted in creativity, community and heritage. which improves the lives of all who visit.. This purpose and vision wll be delivered thTOU9h the organisations specific charitsble purposes which are monitored. evaluated and r8POrted to the ¢harlty commission: Th8 advancement ol arts and culture through Increased engagemenll partiopation in the arts amongst East Belfast community and beyond. The advancement of heritage through the preseryation, improvement and continued use of Northem Ireland's Strand Arts Centre (A eomp•ny Ilmlt•d by gu•raTrtèo, not havlng • shar• capital) TRUSTEES. ANNUAL REPORT for the financial year ended 31 March 2025 oldest cinema and only worklng art deco picture house. Th8 advancemènt of educalion by developing sklll$ through our arts workshops and development of knowledge through attendance of our cultural film screenings. theatre pgrformances, heritage tours, book launches, etG. The advancement of citizenship and communty development by way of a bèneficial 'hub' . a shared space where all the East Belfast Community Is welcome. The additional charitable purpose of thè provision of re¢re81ional facililies for all the community providing the b8nefits of mentsl and soclal stimulation, social interactlon and community cohesion Core Aims and Obl•ctives The followng ten aims and objectiv8s have been identified to direct the serviGes arKI activities the organisation delivers. ensuring they will d81iver on the charitsble purposes listed below.. Attract audiences to the strand as more than just a cinema - as a multl purpose arts centre Develop strong sustalned partnefshSps ￿￿th olher aFts organisatlons, Community 9roups, charilies from oth•r sectors and corporate businesses Creato a programme which Incrgases equality of opportunty lor engagement in arts, culture and heritage Creale 8 programme which delivers on communty needs providlng posiilvg health, leamlng, andlor social outcomes, and tsrgeting marginalised groups Be an appoaling and distinctive cullural deslinallon whlGh Inspires locals and attrocts ltyjrism and gonarates 8 posilivo economic impact Be w8lrLtming lo all - be physlcalty. finan¢ially and p8rcoptlvoly aGc8sslble Communicate the value of the Strand as the last plcture house In Nl. and preserye and promote sollenl loc81 history Refurblsh the building in a manner whlch p￿serVeS Its herftage and hlghll9hts Its unlque story, whll8t addr888lng disability access, dilapidated serwices and the need for improved facilitSes Achieve suslalnablo financial, staff and operational resources Operate in a socially responsible manner, implementing best practice procedures Sirand Arts Centre Sit8 Withln and draw8 a Gignlflc8nt proportion of Its audien¢a from the East 8elfast Neighbourhood Renewal Area. Truly a shared venue. our patrons v8ry in religious cultural and economic backgrounds. A¢hlevem•nt and porfornianc• This year has been one ol significant bul necessary ch8ng8 to enable the major redevelopment ol thè Slrond'8 premises. We closed the venue in July 2024 to commencè thè long sought-after refufbishmonl works which will socure the buildings lulure addressing critical short-¢oming8 in our core services and acces6 and simultaneously Introducing meaningful improvements for our customers Journeys., energy efficiency, technical capabilities and creatlve produdlon. First quarter of the year was a crescendo of finale programming in the run up to ¢10sure. Over thls period the commerci81 ffilm slate remained lighter in both quantum and quality Ihan that prenaie behlnd slgniflcant or unusu81 transactlons: Tested joum81 gntries to identify unusu81 Iran$actlon8- and Assessed whether judggments and assumptions made in determining the accounting estimates were indiGative of pot8ntlal bias. In response to the rlsk of irregularilies gnd non-compliance with laws and regulations, we designed procedure6 whleh included. but were not limtted to: Agreelng financial statement disclosures to underfying supporting dcuimentstion: Reading the minLrtes of meetings of Itwe Charged with goveman¢e', INDEPENDENT AUDITOR'S REPORT to the Members of Strand Arts Centre IA comp•ny Ilmlt•d by guarantm. not h•ving • ghar• ¢apltall Enquiring of management as to actual and potential litigation and claims. Reviewlng corresponde￿ with HMRC. Companies House and the company's legal advisors. There are inheffjnl limitstlons In our audit procedures described above. Tho more removed that laws and regulallons are from financial trans8clions. the less likely it is that we would become awaf? of non-compliance. Auditing standards also limit the audit procedures required to identify non•¢omplianc8 with laws and regulations to enquiry of the directors and other management and the Inspection of regulatory and legal cnrrespondonce. If any. Material mi$statBments that arise due to fraud Can be herd8r to delect than those that arise from error as they may involve dellberate concealment or collusion. A furthor des¢ription of our rosponsibilities is available on the Financial Reporting Council's website at: www.frc.org.uklauditorsresponslbiliiles. This description forms part of our audltor's report. Further Infomiation regardlng Ihe scope of our re8pon$lbllltles as audltor AS part ol an audit In accordance with ISA$ (UK). we exercise profossional judgèment and mgint8in profe￿10n81 s¢eplicism throughout the audit. We also.. Identify and assess the risks of matefial mlsstaternent of the financl81 statements, whether due to fraud or érror, d85ign and perform audll proc8dures responslve lo those rlsks, 8nd obtsin audit evidence thal Is sufficlent and appropriate to provide a basis for our opinion. The risk of not detecting a material misslalement r85ulling from fraud is higher than for one resulting from efror. as fraud may involve collusion, forgery, intenllonal omissions, misrepresentations, or the overrlde of inl8rn81 Gonlrol. Obtain an und8rslanding of intemal control relevant to the audit In order lo deslgn audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the eff8clivene$s ol the ch8rity's internal exsntrol. Ev8luate the appropriateness of 8co)unting policles used and the reasonablenoss of a¢¢ounling estimates and related disclosu￿$ made by trustees. Conclude on the appropriateness of the Irustee5' Use ol the going concern basis of accounting and, basad on Ihe aufjil evidence obt8ined, whether a malenal uncertainty exists related to events or conditions that may cast significant doubl on the charity's abllity to continue as a going concem. If we conclude that a material uncertainty exlsts. we are requlfed lo draw attention in our Audilorfs Report lo the relaled dlsclosures In the financl81 stslements or, il su¢h di8do8ures are inadequate, to modify our opinion. Our conclusions aro based on the audit evidence obtained up to the date of our Audilorfs Report. Howevar.. future events or conditions may cause the charity to cease lo continue as a golng concem. Evalu8le the overall presentation, slructure and content of the financi81 statements, including the di8¢1osure8, and whether the financi81 slalements represent the underlying transactions and events In a manner that achieves fair presentaiion. We communicat6 With those charged wllh govemance fegaTding, among other matters, the planned scope and tlming of the audit and significant audit flndings, including any significant deficienclos In Internal control that we identlfy during our audit. Th? Purpo￿ of our audll work and to whom we owe our r•sponslbllltles This report Is mad8 solely to the charW8 members. as a l)ody, In accordance with Chap18r 3 of Part 16 of the Compani8s Act 2006. Our audil work has been undertaken so that we might stale to the Gharivs members those matters we are required to state to them in an auditor's report and for no other purpose. To Iho fullest extenl p&rmitted by law. we do not accept or assume responsibillty lo anyone other than the ¢harity and the charity'8 members as body, for our audlt work, for this report, or for the opinion$ we have forrn8d. atutory Audllor) for an alf of DNTCA LIMITED Chartered Ac￿Untants and Senior Statutory Audllor Ormeau House 91-97 Onneau Road Belfast BT7 1SH 10 Strand Arts Centre {A company Ilmited by guaranteè. not havlng a shar• capltall STATEMENT OF FINANCIAL ACTIVITIES Ilncorporatin9 an Incom• and Exp¢nd5turo Ac¢ouA¢) for the financial year ended 31 March 2025 Unrestrlcted Restrlcted Funds Funds 2025 2025 Tolal Unrestricted Restricted Funds Funds Funds 2025 2024 2024 Total Funds 2024 Nol•s Incom• Donations and legacles Gharitable activthes Grants from govemments and other CO•lunders Other income 200,644 52,359 253,003 154,830 110,507 265.337 128,096 128,096 446,327 446,327 {25,922) (25,922) Tolal Incomo 302,818 52.359 355,177 601,157 110,507 711,664 Exp•ndltur¢ Charitable actlvitie8 331,780 52,359 384,139 544,130 110.507 654,637 Net Income1{ex￿ndI1UrO) bofore excoptlonal Items Exceplional items {28,962) 128,962) 57,027 57.027 (27,411) 127,411) Not Incomal(oxpendllure) •ft•r •xceptlonal Item• (56,373) 156,373) 57.027 57.027 Transfers botwoen lunds (461 46 Net rnovefflent In funds for th• flnancl•l y•ar 156,373) 156,373) 56,981 46 57.027 Reconclllatlon of funds: Total lunds b8ginnlng ol the year 249,433 249,433 192,452 1481 192.406 Tolal funds at th• Ond of Ihe year 193,060 193,060 249,433 249.433 The Statèment ol Flnancial Activi￿ Includes all gains and losses recognlsed In tho flnancial year. All income and expenditure relate to continuing activities. Tho nol88 on pages 14 to 21 fomi part of th? financial slalemgnts 11 Strand Arts Centre IA com￿nY Ilmited by guarantsfr. not h•vlng a share capital) Cofflpwny 144hmbor: 141615954 BALANCE SHEET as at 31 March 2025 2025 2024 Noles Flxed Ass•ts Tangible assets 12 22,935 80,492 Current Assets Stocks Debtors Cash al bank and In hand 13 14 15 919 60,943 722.058 5,325 58,499 638,592 783.920 702.416 Credltors: Amounts falllng due wlthln ono yoor 16 (613,7951 (533,4751 Net Currnnl Assots 170,125 168,941 Tolal Ass•ts1•85 Cuffenl Llabllttle$ 193,060 249,433 Fund8 General lund {unrestrided) 193,060 249.433 Total funds 18 193,060 249.433 These Ilnanclal statements hove be8n prepared In accordance wilh the spec181 provlslons relallng lo small companies within Part 15 of Ihe Companies Act 2006. Approv•d by the Board of Trust•O8 ond authorfs•d for Issu• on b•half by and slgned on Its Kathryn Thomson Chalrpor80n ark Co Truste• ps Tho not8$ on pages 14 to 21 fom part ol the flnandal statements 12 Strand Arts Centre STATEMENT OF CASH FLOWS for the financ4al year ended 31 March 2D25 202S 2024 Notes Cash flows from operatlng actlvltles Net movement In funds Adjustments for: Depreciation Interest payablo and similar expenses 156,3731 57.027 18,632 3,417 22,726 7.088 134,324 86.821 Movements in WOfkin9 capital: Movement in stocks Movement in debtors Movement in creditors 4,406 (2.444) 83,971 (1,7551 274.051 142,301 Cash generated from operatlons Interest paid 51.609 (7,0681 501,418 {10,502) Net cash generated from operailng activitiés 44,541 490,916 C•8h flow8 from Inv•$tlng a¢tivStle8 Receipts from dwosal of langible assets 38,925 Net Incr•as• In cash and ¢¥¥h •qulvalonts Cash and cash equlvalents at the beginnlng of the year 83,466 638,592 490,918 147,676 Co¥h and cash •quSval•nl$ al Ih? end of th? y••r 15 722,058 638,592 13 Strand Arts Centre {A ¢ompany Ilmit•d by 9uarontee. not havlng a shar• c•pltall NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2025 GENERAL INFORMATION Strand Arts Centre is a company lirniled by guarantoe Incorporated In Northern Ireland. The registered offiGe of thè charity is 156 HOl￿00d Road. Belfast, BT4 1 NY, Northem I￿land which is also the principal place of business of the charity. Th& financlal Statements have been presented in Pound (£1 which is al80 the lunctional currency of thè ch8rity. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The followlng a¢counllng policies have been applled ¢on$l8tonlly In dealing with Item8 whl¢h are considerod rnaterial in relatlon to the Charity's finanual statern8nts. Basis of preparatlon The financial statements have been prepared under the historical cost convention. modified to include certain items al fair value. The financi81 slalements have been prepared in 8c¢ordan¢e with the Stslemenl of Recommended Practice {SORP) "Accounting and Reporting by Charities preparing their accounts in accordanGe with the Financial Reportln9 Standard applicable in the UK and Republlc of Ireland FRS 102.. As permltted by the Companles Act 2006, the charity has varled the stsndard fornats In that act for the Stslem&nt of Financial Activities and the Balance Sheet. Departures from the Standard formats are to comply wllh the requlrements of the Charities SORP and are In compllance with section 4.7, 10.6 and 15.2 of that SORP. ststemgnt of ¢ompllance The financial statements ol the charity for the financial year ended 31 March 2024 hgvo béen prepared on the going ¢on¢em basls and in ac¢ordan¢e wlth ihe Statement of Re¢J)mmended Pfactlce (SORP) "Acujuntsng and Reporting by Charities P￿Paring their accounts In 8c¢ord8nco with the Financial Reportlng st8nd8rd applicable in the UK and Republic of Ireland FRS 102.. Fund accountlng The followlng are the c8tegorles of funds maintsined: R•8lrlct•d funds Restricted funds represent income rec8iv8d which can only be used for particular purposes. as specified by the donors. Such purposes 8re within the overall objectlves of the charity. Unrestrfcted funds Unm$tricted lunds Gonslst ol Gen8ral and Deslgnated funds. General funds represent amounts which are expendable at the discretlon of the board. in furtherance of the objective9 of the charity. Designated funds comprfse unrestrld8d fvnds that the board has. at Ils dlscrellon, set aside for particular purposes. These designations have an admlnlstr8tive PUfPOS8 only. and do not legally restrlct the board's discretion to apply the lund. Incom• Income is recognised by inclusion in the Ststem8nt of Financial Aclivitles onty when the charity 15 legally enlilled to the income. performance conditions attachod lo the ilemls} of income have been mel, the amounts involved can be rneasurod with sufficient reliability and it is probable that the income will be received by the charity. Income from charlLible a￿0v￿leS Income from ¢harilable activities include in¢offle eamed from the SUp￿Y of services under contractual arrangements and from performgnce Telaled grants which have condttions that specwy Ihe provision of particular $ervi¢e$ to be provided by the charity. Income from government and other Covfunders 1$ re¢ognised when the charity is legally enlilled to the income because it is fulfilling the conditions contained in the related funding agreements. Where a grant is received in advance, its recognition is déferred and included In creditors. Where entitlem6nl occurs before income is ffjceived, it is accrued in debtors. Grants from governments and other ctrlundars typI￿llY include one of the following types of conditions.. Perfomiance based ¢oftditions'. whereby the charity is contractually 8ntitled lo funding only to the extent that the core obj8Ctives of the grant agre8ment are achieved. Where the charity is ffleeting the core objectiv95 of a grant agreement, it recognises the related expendllure, lo the éxtent that r( is reimbursable by the donor, as 14 continued Strand Arts Centre {A company Ilrnltod by guarant¢e. not h￿1￿0 w Jh•ro capll•l) NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2025 Incom8. •Time based conditions: whereby the charity is contractually entitled to funding on the condition that it is utilised in a p8rti¢ular period. In these cases the charity recognises the Income to the exienl il is utllised within the period specified in the agreement. In the ab8enc8 of Such condltions, assuming that recelpt 18 probable and th8 amount can be rellably mtasured, grent income is recognised once the Charity is notified of entl￿eMent. Grants recelved toward6 Gapltal expendllure ar¢ credited to the Statement of Flnancial A¢tlvltles when received or retsivabie, whichever is eadier. Exp•ndltur• Expenditure is analysed between ￿$1$ ol charitable activities and raising funds. The costs of each activity are separately accumulated and disclosed, and analysed according lo thair major components. Expenditure Is recogni5ed when 8 legal or constructive obligation exlsts as a result of a past ovonl, a transfer of economic beneftts is required in settlement and the amount of the obligation can be reliably measured. Support ￿St8 are those functions that assist the work of the charity but cannot be attributed lo one activity- Such costs are allocated to 8Ctivltl65 in proportion lo staff time spent or other Suilable measure lor each activlty. Loa$o4 Property. plant and equipmenl held undgr 1ga$lng and Hlre Purchases arrangements which transfer subslanlially all Ihg risks and rewards of ownership lo th8 company are capilalised and included in the Stalemont of Flnan¢lal Poslllon at Ihelr cost or valuation. le55 depreciation. The correspondlng commitments are recorded as liabilities. Payments in respect of these obligations aro treated as conslsling of ￿pital and interest elements. with Interest Charged lo the Income Statement. Rentals payabl& under operating leases are dealt wilh in the Income Statement 88 in¢uff8d over the period of the rental agreement. Tanglble fixed a8•et8 and d•pr•clatlon Tangible fixed assèts are ststed al cost or at valuation, less accumulated depreciatlon. The charge lo deprec4alion is calculatèd to write off ihe orl9inal cost or valuallon of tangible flxed assels, less Ihoir estimated residual value. over their &xp8Cted useful lives 8$ follows.. Plant and machinery Fixtures, fittings and equlwient 20% 109h Inv•ntorl•* Inventories are slated al the lower ol cost and net realisablg value. after making due allowance fly obsolete and slow moving items. Cost includ&s all costs incurred in the normal cours8 of business in bringing them lo their present location and condillon. Inventories ¢ompri8e fundralsing maleri818. It is not ¢onsidefed practicable to value Inventories of unsold donated goods at the financial year end. D•btor8 Deblors ara recognised at the settlement amount due after any dlscounl offered. Prepayrnents are valued at th8 amount prepaid net of any trade discounts due. Income recognised by the chèrlly from government agencies and other CO•funders, but not yel received al financial year end. is included in debtors. Cash at bjnk and In hand Cash at bank and in hand comprises cash on deposlt al banks requirino less than threo months notlce of wlthdraw81. 15 continued Strand Arts Centre (A ￿MpanY Ilmited by guarantte, not havlng a sh8r• ¢apltal) NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2025 T•xation and d•f•rred taxatlon No current or delerred taxation arises as the charity has beèn granted charitsble exemption. Irrecoverable valued added tax 1$ exponsod as incurred. Dofarffjd tax is recognlsed in respect of all timing differences that havo orfginated but not revarsed al the balance sheet dale where transactions or events hav8 occurred at that date that will result In an obligation lo pay more tax in the fulure, or a right to pay less tax in thg ftslure. Tlming differenc8s are temporary differencos be￿een the charity's laxable incomè and its results as stated In the finandal statements. Deferred lax 1$ measured on an undiscounted basis at the tsx rates that are anticipated lo apply In the perlods In which the timing differenc•$ are expected to reverse, based on tsx rates and laws that have been enacted or substantively enacted by the balanGe sheet date. Flnanclal Instrum•nts A financial asset or a finanaal liabllity is recognis8d only when the charity becomes a paty lo the contractU81 provlsions of the instrument. 88$iG financial Instruments ore inlllally recognised al the amount recelvable or payable includlng ony related Iransaction costs. Current assets and current liabilitles are subsequently measuffjd at the cash or other Consideration expe¢l8d to bo paid Or recèived and not discounted. Debt In8trumonts are Subsequently m088ured at amortl6ed cost. Where investments in shares are publicly traded or their falr value can otherwlse be measured rellably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such inv8strnenls are subsequently measured at cost less Impalrmenl. Other finanoal In$lrumenl$, Includlng derSvallves, are Inlllolly recognlsed el f8ir volu8, unle88 payment lor an asset is deferred beyond nomal business terms or financed al a rale of interest Ihal is not a market rate. in which case the asset is measured al the present vèlue of the future payments dI5￿Unted at a market rale ol inieresl for a similar debt instrument. Other financial Instruments ar& subsequently measured al f8ir value, with any changes recognlsed in th8 $tat•menl of financial activities, with the exception of hedglng Instruments in a designated hedging relationship. Financial assets that are measured at cost or amortis8d tt>st are reviewed for objecbve 8vidance ol Impalrment al the end of each reporting dale. If there is objective evldence of impaiment. an impairment loss 1$ recognised under the appropriate heading in the ststemenl ol financial activities in which the initial gain was recognised. For all equlty Instwm?ntS T898rdleBs of slgnificance. and other financlal assets that are indlvidually slgniftcanl, these are assessed individually ft)r impaimienl. Other financial assets are either awssed Individually or grouped on the basis of similar credit risk characteristics. Any reversals of impaimient a￿ recognlsed Immediately, to th8 extent that the reversal does not result in a carylng amount of the financial asset Ihal exceeds what the carying afflount would have been had the Impairment not previously beèn recognised. GOING CONCERN The trustees have assessed the charity's ability to ¢ontinu8 as a going concem. Despite the unexpected eviction from Connswater Shopplng Centre in March 2025, the charity isectively seekin9 alternalive temporary premisesand continues to receive core funding. The trustees aw confident that Sufficient sources exist to meet obligations for at least 12 months from the dale of approval ol these financlal statements. 16 continued Strand Arts Centre {A company Ilmiied by guaTanteo. not havlng a shar• capltal) NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2025 CRITICAL ACCOUNTING JUDGEMENT AND ESTIMATES Thé preparation of the financial statements requires management to make judgements, estimates and a$sumption$ that affect the amounts reported. These esllmales and judgements are continually reviewed and a￿ based on experience and other factors, including expectalions of future events that a￿ believed to be reasonable under circumstances. INCOME DONATIONS AND LEGACIE3 Unrestrlcted Reslrlct•d Fund$ Funds 2025 2024 Grant and Subsldles Received Other Income 163.571 37,073 52,359 215,930 37,073 253,255 12,082 200.644 52,359 253,003 265,337 32 CHARITABLE ACTIVITIE8 Unre81rfcted R•strl¢ted Funds Fund8 2025 2024 Cln•ma Rèvenue: Clnom8 R•v8nue Shop Revenue Scrggn Advertislng Revenue Live Shows Revenue Private Screen Hlre 65.239 29.637 21.610 65,239 29.637 21.610 220,049 134,930 41,414 49,934 11,610 11,610 128.096 128.096 446,327 OTHER INCOME Unie8trfct8d Restrl¢ted Funds Fund• 2025 2024 ProfiU{Lossl on dispos81 of Fixed Assets 125,922) (25,9221 EXPEfrIDITURE CHARITABLE ACTIVITIES Dlrecl Costs Olhor Costs Support Cos18 2025 2024 Expendlture on chartlablo activiles Govemance Costs {Nole 6.2) 114.749 267,640 1,750 382,389 1,750 6S4,637 114,749 269,390 384,139 654,637 GOVERNANCE cosrs Dlrecl Costs Other Costs Support Costs 2025 2024 Charit8ble activilles- govemance costs 1,750 1,750 17 continued Strand Arts Centre IA ¢ompany Ilmitod by guarantge. nol havlng a $har• upltall NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2025 SUPPORT COSTS Charitablo Gov•rnan¢¢ Activitles Costs 2025 2024 Stsff Costs Bank and FinanG6 Charegs Govemance Office Adminislrollon Costs Depreciation Premises Costs 163,201 3,417 163.201 3,417 1.750 22.833 18,632 59,557 144.836 7,068 1,750 19,700 1,750 22,833 18.632 59,557 77.049 267,640 1.750 269.390 250,403 ANALY515 OF SUPPORT COSTS 2025 2024 Staff Costs Bank and Financ8 Charegs Governance Office Admlnislralion Cos18 D8preciation Premls88 C0818 182.318 3.417 1,750 22.833 18.632 59,557 144.836 7,068 1,750 19.700 77,049 288,507 250,403 NET INCOME 2025 2024 Net Incom• l• •tated aft•r charglngl(¢r•dlllng1'. Depreciation of tsngible assets Audltorfs remuneratson: - Audit servic•$ 18,632 22,726 1,750 1,750 EXCEPTIONAL ITEMS Exceptional costs of £27,411 relate lo onewoff expenditures Incurred due to the temporary dosure of the strand premises, including redundancy payments lo fronl.of-house slaff (£19,117), ffit￿Ul costs for the Connswal8r pop-up unil1£8.2941 10. INTEREST PAYABLE AND SIMILAR CHARGÉS 2025 2024 On bankloons and overdrafts 3,417 7,068 11. EMPLOYEES AND REMUNERATION The staff costs comprise.. 2025 2024 Wages and salaries Social security costs Pension costs 177,472 14.798 3,729 226,751 10,282 3,789 195.999 240.822 The average head count of 8mployees during the year was 9 (2024.. 18). No Employee received employee benefits of more than £60,000 during the year (2024- Nil) 18 ¢onlinu8d Strand Arts Centre IA compony Ilm1t￿ by guarantee, not havlng a $h•r• ¢apltall NOTES TO THE FINANCIAL STATEMENTS for tho financial year ènded 31 March 2025 12. TANGIBLE FIXED A85ET8 Plant and Flxtur¢s, machln•ry Ilttlngs and •qulpmont Total Cost At 1 April 2024 Disposals 165.083 196,3R1) 86,008 171,766) 251,091 (188.138) At 31 March 2025 68.702 14,253 82,955 Depreclallon At 1 April 2024 Charge for the financial year On di$p05als 137,571 12,009 193.837) 33,028 6,623 135.374) 170,599 18,632 1129,211) At 31 March 2025 55.743 4,277 60.020 Net book valu• At 31 March 2025 12.959 9,976 22,935 At 31 March 2024 27.512 52,980 80,492 During the ye8f, the charlty dlsposed of tan9lble flxed 8S88ts with 8 loial carylng value of £38,925. These assets were either fully depreciated or no longer usable following th8 refurbishment ol the Strand prernises. The related deferred income of £36,370. originally received as capital grants for these asséts, was relèased to the Statement of Financial Activities in line with the charity's accounting policy. Total proceeds received during the year in respect of disposed assets was £13.500. 13. STOCKS 2025 2024 Flnished goods and go()Js for resale 919 5,325 14. DEBTORS 2025 2024 Trade debtors T8xation and social security costs Prepayment$ and accw8d income 60,441 502 53.161 5.338 00,943 58,499 15. CA8H AND CASH EQUIVALENTS 2025 2024 Cash 8nd bank balances 722,058 636.592 19 continued Strand Arts Centre IA company liffl6t•d by guarant••, not havlng o shafe eapitall NOTES TO THE FINANCIAL STATEMENTS for the Ilnancial yoar endod 31 March 2025 CREDITORS Amounts falllng du• wllhin one y¢ar 2025 2024 Tr8de creditors Taxation and social security costs Accruals and deferred income 11,339 2,509 599,947 29.227 11,743 492,505 613.795 533,4T5 Delfrrred Income at year-end Includes capltal grants and perfomiance-based funding re¢elv8d In advance of service delivery. The balance of £599,947 {2024.. £492.505) primarily relates lo reslTici8d funding for refurt)ishment and programme delivery scheduled for tha next financial year. 17. RESERVES 2025 2024 At the beginning of the year {D8fficitllSurplus lor the finan¢lal year 249,433 (56,3731 192,406 57.027 Al the end ol the year 193,060 249,433 18. FUNDS 18.1 RECONCILIATION OF MOVEMENT IN FUNDS Unro8trlcl•d Funds Total Funds At 1 Aprll 2023 Movemont during the financial year 192,452 56,981 192,406 57,027 At 31 March 2024 Movement during the financial year 249,433 (56,373) 249,433 (56,3731 At 31 Mar¢h 2025 193,060 193,060 18.2 ANALYSIS OF MOVEMENTS ON FUNDS Balance 1 Aprll 2024 Incom• Exp•ndlture Transfern b•lwèen fund$ Balance 31 March 2025 Rest￿Cted Unrestrlclod funds Unrestricted General 52.359 52,359 249.433 302,818 359.191 193.060 Total funds 249,433 355.177 411,550 193,060 18.3 ANALYSIS OF NET ASSETS BY FUND Fix Current Current Ilabllltl•8 Total - charlty use Unrestricted general funds 22,935 783.920 (613,7951 193,060 22.935 783.920 (613.795) 193,060 20 continued strand Arts Centre IA company Ilmlt•d by guarant••, not havlng a •har• ¢aplt•ll NOTES TO THE FINANCIAL STATEMENTS lor the financial year ended 31 March 2025 19. STATUS The charity is a company limited by gueranlee not having a Share capilal. The Ilability of the mombers is limited. Every member of the company undertakes to ￿ntritsute to th8 assets of the company in the event of its being wound up while they are members, or wllhin one financi81 year thereaftèr, for Iha paymont of Iha debts and liabilities of the company contracted before they coased to be membeT5, and th8 05ts, charges and expenses of winding up, and for the adjustment of the rlghts of the contributors among themselves. such amount a$ may b8 required, not ex¢eeding £ 1. 20. TRUSTEE REMUNERATION AND EXPENSES One trustee was employed during the year. The trustee salary of £36,000 (2024.. £36,000) and pénsion contributions of £89312024.. £8931 were approved by the board In accordan¢8 wllh the charlty's rgmuneration policy. No other trustees recéived femuneration or expenses. 21. POST.BALANCE SHEET EVENTS In March 2025. Connswaler Shopping Centre entered adminislralion. resulting in a Iwcpweek eviction notice for th8 charlty's 18mporary premises. The trustees are aclivoly seeking 8lternallv8 a¢commodation. The financial impact is not expécted to be material in the Current year but may affect future operations. This is consldered a non adjusting èvent. 22. RELATED PARTY TRANSACTIONS Wo118¢o Accounting and Con5ultsncy Limited 8nd Holywood Road Oavelopments Limited ara con8ldefed related parties by virtue ol a familial relationship existing be￿een the dir8ctors of bolh companies and membor of tho board of tnjsloes. Total arnounls paid to related parties during the year was £12,278 {2024'. £7,889) W8118¢0 Accounllng and Consultaney Llmited provlded bookkeeping and p8yroll servlcos. Holywood Road Developments Limited provided venue hire and storage. All transactions wer8 conducted al arm's length and approv¢d by Ihe board, wlth the tru8te8 Involved abstainlng Irom related decl$Sons. 21