Charity registration number 1007491 Company regIstra￿On number 02672171 (England and Wales) PHOTOFUSION EDUCATIONAL TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 PHOTOFUSION EDUCATIONAL TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees KA Barron A Luvera E Odida G C P Rayner N Shipley V Albano H Brown D Paige J Taylor (Appointed 10 May 2023) (Appointed 10 May 2023) (Appointed 10 May 2023) (Appointed 5 June 2024) (Appointed 31 July 2024) (Appoinled 5 July 2024) {Appoinled 5 June 2024) Secretary G C P Rayner Charlty number 1007491 Company number 02672171 Registered offrce Unit 2, 2, Beehive Place Brixton London SW9 7QR Independent examiner Azets Audit Services 2nd Floor Regis House 45 King William Street London United Kingdom EC4R 9AN PHOTOFUSION EDUCATIONAL TRUST CONTENTS Page Trustees. report Independent examinerfs report Statemenl of financial aGlivities Balance sheet Notes to the financial statements 8-13 PHOTOFUSION EDUCATIONAL TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statemenls for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies sel out in note 1 to the financial statements and comply with the trust's Igoverning documentl, the Companies Act 2006 and ' Accounting and Reporting by Charities.. Statement of Recomrnended Practice applicable to charilies preparing Iheir accounls in accordance with the Financial Reporting Standard applicable in the UK and RepubliG of Ireland IFRS 102)" {effeclive 1 January 2019}. Objectives and activities The object for which the charity was established is to advance educalion for the public benefrt by the promotion of the photographic arts and a training centre providing open access to facilities, resource5. ski115 training and other services ijsing both analogue and digital technologies. We seek to attract users to our on-site facilities whilst also providing outreach services to Lambeth's statutory and voluntary sectors. We are conscious that our on-site facilities and our ability to offer open access to facililies will be restricted in 24125 due to the capital build projecl and move into our new home however, once this has been completed, the Trust will be able lo continue lo meel ils objectives, and even more so, with new and better facilities. The company's Values, mission and vision is as follows.. Our Values Photography in all its guises is ft)r everyone. Everyone is welcome in our space and we strive to remove barrters to participation. Our Mission For 30 years. Photofusion has championed. 5LlPPOrted and celebrated photography and photographers. While we are well known for our darkrooms, gallery space, digital printing facilities, and education programme, what we are most proud of is the community of photographers and makers who have been a part of Photofusion over the years. Photofusion was established in 1990. Among the founding members were a group of female photographers who were concemed about Ihe way women were portrayed in the media. They formed a cooperative to document real women doing real things.. doclors. nurses. teachers, mothers. Representation, inclusion and diversity have always been al the heart of what we do. Many important images have been made and shown at Photofusion. We have supported some of Ihe UKS most well-known photographers at early stages of their careers. It's exciting to think that the next "big thing. may just be a small thing iaking root at this very moment in our darkrooms, photographic studio. scanning room, youth mentoring programme or monthly Saturday Session. Our Wision To be a cenlfe of excellence and education, within Ihe visual arts sector, and pholography in particular, which consislently reflects ambition, quality, inclusivity and relevance. The truslees have paid due regard to guidance issued by Ihe Charity Commission in deciding what activities the trust should undertake. PHOTOFUSION EDUCATIONAL TRUST TRUSTEES, REPORT {INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perfonnance Photofusion Educalional Trust (PET) performed minimal activities in 20234. 23-24 was the first year Ihat the previously dormant Tiusl merged with Pholofusion Ltd inlo a new structure where PhotofL6sion Ltd became the business arm of Photofusion Educational Trust (PED. The merger reflecls the company's intention to increase its charitable activity and have Photofusion Ltd's long- standing previous not-for-profit activity more appropriately recognised under the umbrella of the charity. The 23-24 merger has also allowed PET to be eligible for Business Rate Relief as the organisation awaited its move into its new premises on Beehive Pla¢e, Brixlon. This move (in early 24125) was made possible through a Future Workspace Fund capilal grant from the Greater London Council and Lambeth CoLincil (received in 23-24} and has given the organisation fantastic new premises along with grant agreement outputs lo deliver for the local community which all chime with PETS values and purpose. These include-. supporting emerging creatives who face barriers to participalion, giving open access Space to work for local creative businesses and self-employed artists and having a positive impact of the economy of Lambeth by increasing cultural loottall in the borough. 23-24. therefore. marked the beginning of a transitional period for the charity- transitioning into a more robust charitable framework with a trading subsidiary, awaiting the move into a new building with increased square foolage and upgraded facilities, and also a change in Directorship, as Jenni Grainger joined the team in January 2024. Across 23-24 we continued to champion artists, careers of people from disadvantsged backgrounds and continued to work extensively with young people as we are one of Lambeth Council's adult learning providers. The highlights of our year included= Delivering 31 weekend courses for over 100 people in all areas of digilal and analogue photography, all kept at a reasonable price to ensure we remain affi)rdable to everyone. Running 46 free-to-access Creator's Studio sessions for budding photographers aged 18-2S with 329 young people engaging with our sessions in 23-24. We offer mentoring, CV and portfolio building and access to our state-of-the-art photography equipment to support young people who face economic and social barriers to building a career in the visual arts sector. Producing 3 photography exhibitions in our free- to-access gallery displaying the work of up-and-coming pholographers. alongside 5 free Artist Talks on crilical topics for the sector. Across 23-24 we attracted 11,562 people to our space. A particular highlight was our Intemational Women's Day event, ￿lebrating some of the female photographers who were instrumentsl to the founding of Photofusion in 1991. Collaborating with Lambeth Council lo install 5 large lightboxes (advertisement panels) oulside the Brixton Recrealional centre to display relevant Photofusion photography to engage local people and redefine the area as a cultural space. The first instalmenl was 'swimmers' and we shol underwater photographs of the Brixton Rec Lifeguards, to ensure the pholography displayed was recognisable and relevant to Ihe local communily. Securing a photographic commission for 2 Pholofusion members to document the building of our new premises. Their work has been used by the building's architects and will be exhibited in our new space in autumn 2024. Delivering 10 free Members, Saturday sessions. which includes facilitating a morning per month for freelance photographers to come together in our building to connect, nelwork and receive a Cril session on their work. In 23-24 we attracted 227 people to these sessions, out of a membership of just over 500 photographers. Supporting over 700 photographers with affordable darkroom and scanning sessions, ranging from students to professionals lo retired hobbyists, highlighting our USP as a creative space for everyone to engage with photographic experimentation, learning. and the creation of high qLbality image. PHOTOFUSION EDUCATIONAL TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Whilst 23124 can be recognised as a transilional period for Photofusion, Ihe amount of activity we delivered across this year is testament lo the robusl staff and governance structure, stakeholder support, and 30+ years reputation of delivering high quality activity and services for the sector. Going forwards in 24125, the transitions mentioned above herald a period of growth and development for Photofusion. allowing the company more scope lo fu￿11 ils mission to champion, support and celebrate photography and photographers and support those at Ihe early stages of their careers. Fundraising A¢tivitie$ In 23124, PET was awarded £397,000 from Lambeth Council (the Future Workspace Fund) for CAT B worf