CHARrrY NUMBER . 1045067
COMPANY NUMBER . 03011540 (England and Wales)
ARTISTS STUDIO COMPANY
REPORT AND FINANCIAL STATEMENTS
(A company limited by guarantee)
FOR THE YEAR ENDED 31 DECEMBER 2024

ARTISTS STUDIO COMPANY
Contents
Page
Legal and administrative information
Trustees, report
Independent auditor's report
Statement of financial activities
Balance sheet
10
Cash flow statement
11
Notes to the financial statements
12-18

ARTISTS STUDIO COMPANY
Legal and administrative information for the year ended 31 December 2024
Constitution
Artists Studio Company IASCI 15 a company limited by guarantee and a registered charity governed by its
memorandum and article5 of a550ciation.
Charity number 1045067
Company number 03011540 (England and Wale51
Directors and trustees
The directors of the charitable company I the Charity") are its trustees for the purpose of charity law and
throughout this report are collertively referred to as trustees.
Trustees
C Up50n
J A Goode
J Cassidv
J L Hammond
Secretary
C Upson
Chief Executive Officer
P Flack
Reglstered Office
The Handbag Factory
3 Loughborough Street
London
SEII 5RB
Website
www.asc5tudi05.co.uk
Bankers
CAF Bank Limited
25 Kings Hill Avenue
Kings Hill, West Malling
Kent, ME19 4JQ
Natwest Bank
PO Box 35
10 Southwark Street
London
Depot Code 190
SEI ITJ
Solicitors
Ramdens Solicitors LLP
Oakley House
l Hungerford Road
Hudder5field
HD3 3AL
Auditor
PK Audit LLP
I Parkshot
Richmond
TW9 2RD

ARTISTS STUDIO COMPANY
Trustees, report (Includlng Dlrertors, report) ft>r the year ended 31 December 2024
The trustees are pleased to present their annual report together with the financial statements of the Charity for the
year ended 31 December 2024.
The tinancial 5tstements have been prepa￿d in accordance with the accounting policies set out in note I to the
financial statements and comply with the Charity's memorandum and articles of association. the Companies Act 2006,
the Charities Act 2011 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 Ireland IFRS1021 (effective l January 20191.
Aims and objertives
The objettives ofthe Charity are=_
To advance the education of the public in arts;
To relieve poverty by assisting un-estsblished arbsts to become self-supporting through their art,- and
To promote and improve art and the production of objects and works of artistic merit.
To furtherthe above objectives the Charity in brief:_
Provides or assists in the provision of accommodation, studio space. equipment and materia15 for artists of promise
who by reason of their poverty are unable to provide such accommodation. studio space. equipment and materials
unaided.
Promotes, encourages sponsors, produces or maintains and assists in the promotion, encouragement, sponsoring.
production or maintenance of educational exhibitions and performances in public open space5 and elsewhere of
paintings, sculpture, photographs, lithographs. engraving5. etchings. bronzes, enamels. jewellery, gems, films,
animations, plays. musical works. opera. dance. drama. poetry, literary works and other works or events of artlstic.
musical or literary merit-
Provides, maintains and improves or assists in the provision. maintenance and improvement of premises of every
description for exhibitions and or performances of paintings. sculpture, photograph5, lithographs, engravings,
etchin85, bronzes, enamels. jewellery, gems. films, animations, play5. musical works. opera. dance. drama, poetry,
literary works and other works or events of artistic. musical or literary merit,. and
Provides or assists in the provision of studios. workshops and other premises of every kind for the study and
teaching of subjects and matters of artistic, musical or literary merit.
OrganisatFon
The board of trustees currently numbers four but the board may froTn time to time register an increase of members.
Powers to appoint trustees rests with the board of trustees. A chief executive is appointed by thg trustees to mana8e
the day-to-day operations ofthe Charity.
Investment powers
The trustees have discretion as to the manner in which funds are invested. Professional advice in this regard is sought
through a financial advisorlbroker.
Trustee indurtion and tralnin£
Trustees are provided with an induction pack containing key documents such as the Charity Commissions. welcome
leaflet, The Essential Trustee, and a summary of the Trustee Act. New trustees are encouraged to spend time on
induction and meetin8 key employees.
Publlc benefit statement
The Trustees have complied with the duty in section 1715) of the Charities Act 2011 to have due regard to public
benefit guidance published by the Charity Commission. The activities mentioned above demonstrate the public benefit
arising throu8h the Charity's activities.

ARTISTS STUDIO COMPANY
Trustees, report (including Directors. report) for the year ended 31 December 2024 Icontinued)
Strurture. governance and management
New trustees are appointed through recommendation and inter4iew with the full board.
The trustees manage the Charity- The tull board meets every quarter. The tull board ot trustees is concerned with
policy matters and agrees board strategies and areas of activity for the Charity. The Chief Executive Officer and the
Financial Controller advise the full board on more detailed managemenL which the board review i.e. quarterly internal
accounting / finance, monitoring of income and expenditure, staff salaries, studio rent reviews. property rent reviews,
public benefit, public exhibition5 and events. risk management. future planning and other issues deemed appropriate.
When important matters arise in between meeting cycles the key staff and full board communicate with each other by
phone or email in order to reach a decision. In some cases. it is felt appropriate to hold a special meeting, for example,
when a new property is acquired and heads of terms require agreement.
The responsibilities for day-to-day management of the Charity lies with the Chief Executive Officer, who has the
power5 and responsibilities approved by the trustee5.
None of the trustees receive remuneration from the Charity.
Tru5teeslDlrertOf5
The trustees perform the role of the directors for the purpose of the company law. Those who Served during the year
and up to the date of signature of the financial statements were as follows:
C Upson (Chairperson, Secretary)
J A Goode
J Ca55idy
J L Hammond
The Charivs buildings:
The Charity operates affordable workspace and exhibition space within 10 buildings located across Greater London. Its
buildings are held under various leasehold and freehold terms. Al its buildings provide affordable workspace and
exhibition space to artists. makers and not-for-profit arts or8anisations.
Achievements, performance and public benefft during the year
Over the period. the Charity managed 7 projert spaces across our buildings. These are free venues where its tenants
can exhibit their work to the public and stage talks and community events. Within these Spaces the Charity 5UPPOrted
29 exhibltions and events 5UPPOrting 183 art15ts and maker5 and attractlWl8 2,751 vi51tDf5.
The Charity manages 3 public art galleries within the Handbag Factory, Vauxhall. 2 Balleries are for hire and offered at
discounted hire rates to organisations and groups in need of support, l 8311ery 15 a free 8allery with the aim of
promoting emerging artists. During the period these galleries stsged 24 exhibitions supporting 232 artists and makers
and attracting 4,011 visitors.
The Charity sUPPOrt5 open studio events across all our buildin85. These events are an opportunity for artists and
makers within our buildings to open up their studios to the public. Durin8 the period the charity SUPPOrted 6 open
studio events attracting 1,400 visitors.
The Charity continued to support its tenants through its showcasing programme. The programme involves the
production and broadcast of short films and intervieV￿ showcasing and promoting the work produced by selected
tenants.
During the period, the Charity provided 550 affordable workspaces and 84 affordable desk spaces. 5UPPOrting 730
artists, makers and arts organisations. The Charitys occupancy levels across all its buildings totalled 97.95%12023:
98.56%).
During the period ASC successfully renewed the lease on its Thurlow Road Building due to expire over the period. The
building is now secure for several more years and will continue to provide affordable workspace to 135 artists and
makers together with space for Turps Art School.
ASC has successfully renewed the lease on its Empson Street building which was due to expire during the period. The
building will continue to provide affordable workspace to 55 artists and makers for a fijrther 15 years.

ARTISTS STUDIO COMPANY
Trustees, rÈport (including Dlrertors, report) for the year ended 31 December 2024 {continuedl
During the period. in partnership with Chiswick House and Gardens. the charity developed 19 affordable artist and
maker workspaces across several grade I historic buildings. located within Chi5wick House and Gardens W4. The first
phase of the project was opened by the Deputy Major for Culture & Creative Industries, Justine Simons 08E. in April
2025. Phase 2 is estimated to launch over 2026.
In June 2025 ASC purchased a 999 year lease on a new build property, Watkin Road HA9. The purchase price was
discounted by 50% from market price through $106 Planning Gain Agreement. The project will provide 23 affordable
artists and makers Workspa￿$. The London Borough of Brent provided a substsntial grant to help towards the
buildings fit out Costs. The fit out commenced in July 2025 with the projects launch estirnated in December 2025.
Fundraising artivities
The Charity had no fund raising artivite5 during the year and prior year.
Future plans
The Charity's business include5 the acquisition of new properties at below market price or rent. It will consider free-
hold or long-leasehold building5 offered at discount from market price or rent through $106 Planning Gain Agreement
or iemporary use buildings offered at low or peppercorn rent.
During the period A5C continued to returbish 47c Streatham Hill. The charity leased the property tor many years until
it purchased the freehold in 2019. ASC carried out extensive refurbishment works during the period. including a new
insulated roof and frontage, a new project space, toilets. floorin& kitchen. doors and si8nage. Works are estimated to
complete in August 2025. ASC is planning a launch event in partnership with the London Borough of Lambeth in
September 2025.
ASC continues to seek new buildings for use as affordable workspace and exhibition space for artists and makers. The
charity aims to increase the number of its affordable workspaces significantly over the next five years. ASC is an
organi5ation driving positive change which includes an ambition to achieve net-zero emissions. In response to to thi5
aim ASC is actively improving the energy performance of its existing long lease and freehold buildings and prioritizing
the acqusition ot new high ener&y pertorming buildings. Our acquisition of Watkin Road will increase the number of
our hi8h energy performing building5 to 4.
Financial position:
The trustees are pleased that the finanual statements show a net income. and increased 8r055 income and net assets.
The Financial Statements show é net income for ihe y¢tii lotdllii1￿ £440.291 12023- E560,6601, and a gr05s Income
for the year totallin8 £3.018,99612023.. £2.958.924. including grants). The Charity has improved its financial position
in terms of net assets to £5,543,43212023'. £5.103,1411.
Reserves policy and risk management
As at 31 December 2024 the Charity recorded funds totalling £5,543,432 includin8 fair value gain of £1,876,323. The
Charity's free reserves include £425,123 returnable workspace deposits that may legally be used as working capital.
The trustees have agreed a minimum free reseNe totalling £450,(K(). including £425,123 returnable workspace
deposits. This is the Sum the trustees agree is a reasonable sum to safeguard against the Charity's identified risks.
The trustee3 agree that within the total free re3eThe3 UP to £3.217.110 may be used to •cquire new buildi1i85, for
building improvements or early repayments of Loans.
The Chief Executive maintain5 a Major Risks Report detailing the risks the Charity is exposed to. The trustees are
satisfied that the systems are in place to mitigate exposure to the major risks.
The Charity continues to maintain and implement strict financial controls in order to safeguard the Charity's assets.
The trustees review the financial controls periodically to ensufe they meet the Charitvs needs.
Investment Policy
Tho Chariws investments are safeguarded in accordance with the Charity's governing document and havin8 regard to
the Trustee Act 21)00. All the Charity's investments are held in low risk bank accounts.

ARTISTS STUDIO COMPANY
Trustees, report (Including Dlrectors. report) for the year ended 31 De￿mber 20241continued)
Trustee< responsibilities statement
The trustee5, who are also the dirertors of Artists Studio Company for the purposes of company law, are responsible
for preparing the Trustee5' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees
must prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice
(United Kingdom Accounting Stsndards and applicable lawl. Under company law the trustees must not approve the
financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable
company and of the incoming reSoUr￿S and application of resources. including the income and expenditure, of the
charitable company for that period.
In preparin6 these ftnariiidl statements. the trusrees are required to:
select Suitable accounting policies and then apply them con5iStentiy;
observp_ th• m@thods and principles in the Charities SORP-
make judgments and estimates that are ￿asonable and prudent:
State whether applicable UK Accounting Standards have been followed, subjert to any material departures disdosed
and explained in the financial ststements,. and
prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable
company will continue to operate.
The trustees are responsible for keeping adequate attounting records that are sufficient to show and explain the
charitable companws transactions and disdose with reasonable accuracy at any time the financial position of the
charitable company and enable them to ensure that the financial ststements comply with the Companies Act 2006.
They are also responsible for safeguarding the assets of the company and hence for takin8 reasonable steps for the
prevention and detection of fraud and other irregularities.
Dlsdosure of Informatlon to auditor
The trustees confirm that so far as they are aware, there 15 no relevant audit information las defined by section 418131
of the Companies Act 20061 of which the charitable companvs auditors are unaware. They have taken all the steps
that they ought to have taken as trustee5 in order to make themselves aware of any relevant audit information and to
establish that the charitable company's auditors are aware of that information.
Audltor
In accordance with the companvs articles. a resolution proposing that PK Audit LLP be reappointed as auditor of the
company will be put at a General Meeting.
Thls report was approved by the board of trustees and slgned on its behalf by.
oode
Trustee
Date: 09 September 2025

INDEPENDENT AUDfTOR'S REPORT
TO THE MEMBERS OF ARTISTS STUDIO COMPANY
Opinion
We have audited the *inancial ststements of Artists Studio Company Ithe'ASCI for the v@ar ended 31 December 2024
which comprise the statement of financial activities. the balance sheet, the statement of cash flows and notes to the
financial statemer¢ts. including 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 Finonciol Reporting 5tondord opplicable in the UK (Jnd Republic of Irelond (United Kingdom
Generally Accepted Accounting Prattl￿).
In our opinion the financial statements:
give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming
resources and application of resources. including its income and expenditure. 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 2LNJ6.
Basis for opinion
We conducted our audit in accordance with Intemational Standards on Auditing IUKI IISAS IUK}l and applicable law.
Our responsibilitie5 under those standards are further described in the Auditor's respon5ibilitie5 for the audit of the
fint7ncial statements section of our report. We are independent of the ASC in accordance with the ethical
requirements that are relevant to our audit of the financial statements in the UK including the FRCS Ethical Stsndard,
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.
Concluslons relating to going concern
In auditin8 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 relatin8 to events or
condition5 that, individually or collectively. may cast significant doubt on the company'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 80ing concern are described in the relevant
sections of this report.
Other Infomiation
The other information comprises the infomiation 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 mlsstated. If we identify such material inconsistencies or apparent material mi55tatements. we are
required to determine whether this gives rise to a material mi55tatement in the financial statements themselves. If,
based on the work we have performed, we condude that there is a material misststement of this other info
We have nothing to report in this regard.
Oplnions on other matters prescribed by the Companies Art 2(#)6
In our opinion, ba3ed on the work undertaken in the course of the audtt".
the information 8iven in the trustees, report for the financial year for which the financial statements are prepared,
which includes the dirertors. report prepared for the purposes of company law, is consistent with the financial
statements; and
the directors, report included within the trustees, report has been prepared in accordance with applicable legal
requirements.

INDEPENDINTAUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ARTISTS STUDIO COMPANY
Matters on which we are required to report by exception
In the light of the knowledge and understandin8 of the ASC and its 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 Art 2006 requires us
to report to you if, in our opinion:
adequate accounting records have not been kept. or retums adequate for our audit have not been received from
branches not visited bv us.. or
the financial statements are not in 38reement with the accounting records and returns- or
certain disclosures of trustees, remuneration specified by law are not made- or
we have not received all the information and explanations we require for our audit,. or
the trustees were not entitled to prepare the financial statements in accordance with the Small companies regime
and take advantage ofthe small companies, exemptions in preparin8 the trustees, report and from the requirement to
prepare a strategic report.
Responsibilities of trustees
cxplaincd morc fully in thc ststcmcnt of tru5tces' responsibilities. the trustees, who are also the dTrreetors of the
ASC for the purpose of company law, are responsible for the preparation of the financial statements and for being
satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to
enable the preparation of firbancial statements that are free from material misstatement. whether due to fraud or
error. In preparing the financial statements. the trustees are responsible for a5se55ing the ASCS ability to continue as a
RoinR concern, disclosinE. as applicable. matters related to going con￿rn and using the going concern basis of
accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no
realistic alternative but to do so.
Auditorfs 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 audttor's report that includes our opinion.
Reasonable assurance is a high level of assuran￿ but is not a guarantee that an audit conducted in accordance with
ISAS IUKI will always detect a material misstatement when it exists. Misststements 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 extent to which our procedures are capable of detectin8 irregularities. includin8 fraud, is detailed below.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-
compliance with laws and regulations. our procedures included the following..
the engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and re8ulations applicable to the company throu8h discussions with directors and other
management. and frorn our knowledge and experience ofthe sertor-
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 inspectin8 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 companws financial ststernents to material misstatement, including obtaining an
understanding of how fraud might occur, by..
making enquiries of mana8ement as to where they considered there was susceptibility to fraud, their knowledge of
actual, suspected and alleged fraud- and
con3iderin6 the internal controls in place to mitisate risks of fraud and non-compliance with laws and resulations.

INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ARTISTS STUDIO COMPANY
To addre55 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 bia5: and
investigated the rationale behind significant or unusual transaCtion5.
In response to the risk of irregularities and non-compliance with law5 and regulations. we designed procedures which
included, but were not limited to..
agreeing financial statement disclosures to underlying supporting documentation..
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 procedure5 described above. The more removed that laws and regulations
are from the 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 tru5tee5 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 web51te at:
https:/lwww.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report 15 made solely to the charitable companws members, as a body. in accordance with Chapter 3 of Part 16 of
the Companies Act 2006. Our audit work ha5 been undertaken so that we might state to the charitable company's
members those matters we are required to State to them in an auditorfs 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 compan￿5 members as a body. for our audit work. for this report. or for the opinions we
have formed.
¢E kqJart LLf
Annle Lee {Senior Statutory Auditor}
For and on behal* of PK Audit LLP. Statutory Auditor
Chartered Accountants
I Parkshot
Richmond
Surrey
TW9 2RD
Date..

ARTIST5 STUDIO COMPANY
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2024
Notes
Total Funds
Total Funds
2024
2023
Re5toted
INCOME
Income from charitable activities
Studio licence fees
Other incoming resources
Inv@£tmg_nt Incomo
Grant income
2,976.189
25.048
17.759
2.746.661
21,332
io,gii
180,000
14
TOTAL INCOME
3.018.996
2,958,924
EXPENDITURE
Charitable activities
2.578,705
2,398.264
TOTAL EXPENDITURE
2.578.705
2.398,264
INCOME
440,291
560.660
Transfer of funds
NET MOVEMENTS IN FUNDS
440,291
SGO.660
Total funds brou8ht forward
5.103.141
4.542.481
TOTAL FUNDS CARRIED FORWARD
io
5.543,432
5.103.141
Total funds held by the Charity are all unrestricted funds.
The notes on pages 12 to 18 form part of the financial statements.

ARTISTS STUDIO COMPANY
BAiANCE SHEET AS AT 31 DECEMBER 2024
21r24
20Z3
FD(EO ASSETS
Tangible a55ets
8.145.Wl
8.171,269
8.145.OJ)
8.171.269
CURRENT ASSETS
Debtors
Cash at bank and In hand
275.305
737,334
288.367
564,324
1,012.639
852.691
CREDITO1￿. Amounts l¥llly du
t*lthln one year
{259,3061
13.304.183)
NEf CURRENT A5SEfsi(UABILITIESI
753.333
12,45L4921
TOTAL ASSETS LESS CURRENT LIA8ILTfiES
8,898.333
5,719,777
CREDITORS: Amounts falllng due
after more than one year
{3.354,9011
1616,6361
NÉT ASSETS
5,543,432
5.103,141
FUNDS
Un￿StrIcted funds
N@t intom• for the yoar
Revaluallon reseNes
Revaluation reSer￿S (Prior year adjustment)
3,226,818
440,291
L876,323
2,666.158
560,6f*)
1,336.323
540.C
TOTAL FUNDS
s￿,431
5,103,141
The finandal statements were •pproved by the ljoard oltrustee5 and s18Ded on Its behall by.
de
Trustee
Date: 09 September 2025
Company number 03011540 {En8land and Wales)
10

ARTISTS STUDIO COMPANY
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024
2024
2023
Notes
Cash flows from operating activities
Cash generated from operations
15
697,844
780,043
Investing activities
Interest received
17,759
10,931
Purchase of tangible fixed assets
Net cash used in investlng artivities
139,3171
121,5581
1180,0031
1169,0721
Financing artivities
Cash inflows from new loan5
3,078.300
Repayment of loans (including interest)
Net cash {us@d in)/from financlng artlvities
3,581,576)
1503,2761
1650,5491
1650,5491
Net increasel(decreasel in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at the end of period
173.010
139.5781
603,902
564,324
564.324
737,334
Cash and cash equivalents at the end of period comprise:
Cash at bank and in hand
737,334
564,324
li

ARTISTS STUDIO COMPANY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
I. ACCOUNTING POLICIES
Charlty Information
Artists Studio Company is a private company limited by guarantee incorporated in England and Wales. The registered office is
The Handbag Fattory. 3 Loughborough Street, London. SEII 5RB.
1.1 Basis ol prepar•tion
The financial statements have been prepared in accordance with the Charity's memorandum and article of association, the
Charrties Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities
preparing their account5 in accordance with the Financial Reporting Standard applicable the UK and Republic of Ireland IFRS
1021 leffertive l January 20191.
The financial statements are prepared in sterlin& which is the functional currency of the Chartty- Monetary amounts in these
financial statements are rounded to the nearest £.
The Charity meets the definitson of a public benefit entity under FRS 102. The financial statement have been prepared under
the historical cost convention, modrfied to include the revaluation of properties at fair value. The principal accoLtnting policies
adopted are set out below.
1.2 Judgements and key source5 of estirnatitin uncertainty
In preparing the financial statements. the trustees make judgments. estimates and assumptions that affect the amounts
reported for assets and liabilities. The estimates and associated assumptions are based on historical experience and other
factors that are conSide￿d to be relevant. Actual results may differ from these estimates.
The estllTldLeJ diid uiider lyirig d55urrryLiuvJs orE WEViEwed un ¢lll ongoin8 ba515. Flev151on5 to accountlng estlmates are recognlsed
in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and
future periods where the revision affects both current and future periods.
One key area of estimation is the valuation Df properties. The determination of the fair value Of carrying value of property for
financial reF)Orting purposes reqlbires the use of professional judgment and involves consideration of a wide range of factors
including location. condition. rental income. market trends, and legal circumstances. Property values represent a significant
portion of the companrfs assets and have a material impart on the financial Statements. including net assets and related ratios
As at 31 December 2024. the properties have been ststed at a valuation of £7.812.44212023: £7.812.442. reststedl.
1.3 Going Concern
At the time of approving the financial statements, the trustees have a reasonable expertation that the Charity has adequate
resources to continue in operational existence for the foreseeable future. Thus the Charity continues to adopt the going
concern basis of atcounting in preparing the financial statements.
1.4 Income recognition
Income Is recognised when the Charrry is legally entr(led to ￿ after any perfonnance conditions have been met, the amounts
can be measured reliably, and it is probable that income will be received.
Income from studio li￿nCe fees Is recognised on a 5trai8ht line basis.
Other income, services recharged and miscellanous income. are recognised in the period in which they are receivable.
Bank interest is recoEnised at the time the investment income is rÈcèived_
Grants and donations are only included in the SOFA when the general income recognitlon criteria are met.
In the case of performance related grants. income must only be recognised to the extent that the Charity has provided the
specified goods or services as entitlement to the grant only occurs when the performance related conditions are met.
1.5 Expenditure and irrecoverable VAT
Expenditure is recognised in the financial statements as soon as there 15 a legal or contrartual obligation committing the Charitv
to that expenditure. it 15 probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis.
Irrecoverable VAT is charged as a tost aeainst the cateEOry of expenditure for which it was incurred.
12

ARTISTS STUDIO COMPANY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
I. ACCOUNTING POUCIES (CONTINUED)
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and
any impairment losses.
Fixed assets costing more than £1,000 are capitalised.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on
the following bases-
Freehold & Long-term leasehold property - Over the lease period
Leasehold improvements
Over the lease period or grant period
Motor Vehicle
25% reducing balance
Fixtures & fittings
25% reducing balance
Equipment
33.3% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the
carrying value of the asset, and is credited or charged to resource expended in the Statement of Financial Activities.
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued
amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent
accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other recognised gains and losses and accumulated in equity, except to the
extent that a revaluation gain reverses a revaluation loss previously recognised in net incomel(expenditurel or a revaluation
loss exceeds the accumulated revaluation gains recognised in equity; such gains and loss are recognised in net
income/lexpenditurel for the year.
1.7 Impairment of fixed assets.
At each reporting date. the Charity reviews the carrying amounts of its tangible assets to determine whether there is any
indication that those assets have suffered an impairment loss. If such indication exists, the recoverable amount of the assets
is estimated in order to determine the extent of the impairment loss {if any).
1.8 Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand. deposits held at call with banks. other short-
term liquid investments with original maturities of three months or less, and bank overdrafts.
1.9 Financial instruments
The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial
Instruments Issues, of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual
provisions of the instrument.
rEI Idi ILlt11 dllu EldOlllIt¢> 41 e IJIISVI WIIII LI1¥ II¢L dlllLlUllI) yi f>viiL¢U 111 Lllf IIII•IIL101 )L01riiiriiu. wiirii li Iri ¥ IJ o Iv¥diiy
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset
and settle the liabilitv 5imultaneouslv.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transactions price
including transaction costs and subsequently carried at amortised cost using the effective interest method, less any
impairment unless the arrangement constitutes a financing transaction, where the transaction 15 measured at the present
value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year
are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through income and expenditure, are assessed for indicator5 of
impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one
or more events that occurred after the initial recognition of the financial asset. the estimated future cash flows have been
affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the
estimated cash flow5 discounted at the asseys original effertive interest rate. The impairment loss is recognised in net
income/lexpenditurel for the year.
13

ARTISTS STUDIO COMPANY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
I. ACCOUNTING POLICIES (coKfiNUED)
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the
impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount
would have been. had the impairment not previously been recognised. The impairment reversal 15 recognised in net
income/lexpenditurel for the year.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled. or
when the Charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or
if some Significant risks and reward5 of ownership are retained but control of the a55et ha5 transferred to another party
that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabiliiies, including creditors and bank loans a￿ initially recognised at transaction price unles5 the
arrangement constitutes a financin8 transartion. where the debt instrument is measured at the present value of the future
payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not
amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obli8ations to pay for goods or services that have been acquired in the ordinary course of operations
from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are
presented a3 non-current liabilities. Trade creditor5 are re£osni5ed initially al transaLLiun pi li< drid subsequently rneasured
at amortised cost using the effective interest method.
Derecognition of financlal liabilities
Financial liabilities are derecognised when the Chariws contractual obligations expire or are discharged or cancelled.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately a5 an expense when the Charity is demonstrably committed to temiinate
the employment of an employee or to provide termination benefits.
1.11 Retlrement benefrts
The Charity has a defined contribution pension scheme. The cost of contributions made by the Charity to the scheme are
charged as an expenditure as they fall due.
1.12 Government grants
Government grants are recognised at the fair value of the asset received or re￿1vable when there is reasonable assurance
that the grant conditions will be met and the grants will be re￿ived. A grant that specifies performance conditions is
recognised in income when the performance conditior15 are met. Where a grant does not specify performance conditions it
is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are
5atlsfied is recognised as a liability.
1.13 Operating Leases
Rentals payable under operating leases. including any lease incentive received. are char8ed to the Statement of Financial
Activitie5 on a straight line basis over the term of the relevant lease except where another more systematic basis is more
representative of the term pattern in which economic benefits from the lease asset are consumed.
1.14 Fund Accounting
Funds held by the Charity are all unrestrirted funds which can be used in accordance with the charitable objects at the
discretion of the triJ5tees. There are no restrirted fund5.
1.15 Taxation
The registered charity is exempt from income and corporation tsx in respect of the charitable artivities.
14

ARTISTS STUDIO COMPANY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ICONTINUEDI
2. LEGAL STATUS of the Charity
The Charity is a company limtted by guarantee and incorporated in En8land and Wales. Its ￿giSte￿d office is The H3ndba8
Factory, 3 Loy8hborough Street, London, SEII 5RB. The mefflbers of the company are the trustees narned on pa8e 3. In the
event of the Charity being wound up, the liabilities in respect of the guarantee is limited to £1 per member of the Chaiity.
3. CHARITABLE EXPENDITURE
Basls
Charitabje
2024
Total
202J
Tot•1
Rent
Rates
Building insurances
Light and heat
Repairs and maintenance
Leasehold amortisation
Salaries
Social seturity costs
Pension costs
stsff welfareltraininglrÈcruitment
Travelling expenses
Motor expenses
Printin& postage and staiionery
Telephone costs
Computer & website expen5e5
8ank, card and othèr tharges
Insurance
Gallery expenses
Sundry expense5
Le8al and profe5sior4al
Auditors, remuTheration
Bank loan i*iterest
816,&
173.401
9S.101
2W),309
140.805
61.677
5Q3,710
47.757
23.735
7.630
6.837
5.441
2.049
30.959
11889
422
11.026
3.187
9.698
106.755
10.8
215.105
2.698
2.241
1.668
816,805
173.401
95.101
2￿,3(
140,805
61.677
5LVJ.710
47,757
23,735
7.630
6.837
5,441
2,049
30.959
12.889
422
11.026
3.187
9,698
I(￿.755
10.8
215,105
2,698
2.241
1,668
2.578 705
840,042
163,389
76.040
245,664
119,864
89,338
394,611
34.798
17,766
IL245
6.745
8,674
1,721
30.489
7,6
322
16.113
2.656
6,075
79.654
Direct
Dirert
(irect
th.re
fhre
Staff time
Staff time
threct
Oirett
"rert
Oire
tmrert
Dirert
"re
227,7
8ad debts
Oepreciatron on motorvehicle
Depreciation on fixture5 & frttings
C*rect
"rect
2,988
4,083
2 398 264
Salaries of key staff members are allocated to support costs based on their tirne spent on managÈment and adminisiration.
The support costs for the year wa5 £189,30312023.. £155.7321
4. STAFF COSTS
No remuneration wa5 paid to the trusiee5 in the year. nor were any expenses reimbursed to them.
ZOZ3
The stsff costs were..
Wages and salaries
Social security ¢05ts
Pension costs
509,710
47,757
23,735
581.202
394.611
34,798
17,766
447.175
The average number of full time equivalent employees during the year wa5 as follow5:
Other staff
Administrative
li
The number of employees whgse remunerntion fell within the followin8 bands:
£tsO,(Qi. £140.to)
The number of employees for whom retirement beneffts are accruing under a money purchase scheme totslled 13 12023- 81.
15

ART15f5 STUDIO COMPANY
NOTES TO THE FINANCIAL STATEME1475 FOR TrIE YEAR ENDED 31 DECEMBER 2024 IcopmNUEOI
MOVEME14T IN TOTAL FUNDS FOR THE YEAR
1024
2023
This is stated aftef char8in8'.
Oper*in8 leases- land & buildings
Depreciation of tangible fixed assets
Auditor's remuneration for audit serwces
816.805
65,586
10.8
840.04Z
96.409
TANGI8LÉ FIXED ASSÉT5
Freehold
Land and
bulklirys
Leasehold
Land and
bulldings
FL¥tures,
BuildlnÉs
ffttin8S.
Impro¥ements equipment &
motor¥ehkbÈ
Totsl
Cost orvalu•tlon
At l January 2024
Prior year adjustment (Fairvalue changes)
Restated at l January 2024
Addit￿n5
Dtsposals
1.882.441
540.IX()
2.421441
s.3￿.(KIl
1.059.255
41,370
8.373.067
$40,000
.913.067
39,317
115.2921
S3￿.(1)1
1,059.255
38,171
41.370
1,146
115,2921
At 310ec4mbgr 2024
2012041
SA90mi
1.097,426
27.224
S,937,￿?2
Depre¢i•iwJn
At l Jarsuary 2024
Charge for the year
Oisp05a15
711,061
61,677
30,737
3,XJ9
115,2921
741,798
65,586
115.2921
At 31 December 2024
772.738
19,354
792.092
Net 8ook Value
At 31 Oecember 20Z4
2A12A41
sa￿.1
?￿70
8.145.OQO
At 31 DecembeT 2023 fRestotedJ
.•22.441
S.390.001
348.194
10,633
5,171,2Sg
National Westminister Bank PIC hasthe 1st legal charge on the larKI and bulldings and Its ass(Kiated assetsto the amount of £3.022yS.
The fair value of the properties has been arrlved at on a basis of è yaluai1L￿ by JLL Chartered 5ur¥eyors who are not connected 10 the
cornpany on 23 July 2021. The valuations We￿ ¥nade on an open rnarket value and fair value basis by refe￿nce to Tvarket ewidernce of
transaction prices for similar properties ènd ￿le￿nCing increased demand in the markeL The trustees consSder that the carryin8 value is not
sign+ficar*t* different from £urreDt rnarket value at the end of the reportin8 pertod.
Prlor ye•r adjwiment
A prSor year adjustment has been made to fixed assets and revaluation reserve of £540,IX¥). Oue to a rnathematical mistake further
adjystmeftts affecting prior yeafs have been made to the carrwng value of the properties in ihe tarygible fixed assets, whsch in turn affe£ted
the ton6ible fixed assets End total funds brought forwafd for prior years. The adjustmerts had the following effect on the balance sheet as
shown on the balance sheet arbd in note 6 to the accounts. The￿ has been no impacl on the net income for the prioryear.
11 the propertie5 were stated on an historical cost bays rather than a froir value basis. the amounts would have been included as fo51ows=
2024
21)23
Cost
Accumulated deptcciation
Ca¥rying amouni
5.936.119
5,936.119
5,936.119
S.936.119
7 DEBTORS
2021
2023
Due within year
Trade debtors
Prepayments
Other dcbtors
1.133
240,082
24.090
265,30S
3.608
252,157
278,367
r￿e after more than ont year
Other debtors
io.c#y)
io.ooo
Totsl Debtors
175305
288.367
16

ARTISTS STUDIO COMPANY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CO￿lNUE0)
8 CREDITORS: AMOUNT5 FALUNG DUE WITHIN ONE YEAR
2024
2023
Bank loans
Deposits held on account
Trade creditors
Social security and other taxes
Other creditors
Accruals
81,538
7,062
40.519
3,064.034
900
67,081
12,853
17,535
141,780
3,304,183
25,388
104,799
259,306
CREDITORS . AMou￿rS FALUNG DUE A￿ER MORE THAN ONE YEAR
2024
2023
Bank loans
Deposits held on account
2.936,840
418,061
3.354,901
242,515
374,121
616,636
Creditors which fall due after five years are as follows:
2024
2023
Payable by instalments
2,230,611
184,019
The bank loans are secured by fixed and floating charges over the properties and undertakin8 Ot the Charity.
10 FUNDS
Analysis of fund movements
Balance at
l Jan 24 (Restated)
Income
Expendlture
Balance at
31 Dec 24
Unrestricted funds
Revaluation reserves
3,226.818
1.876.323
5,103,141
3.018.996
12.578,7051
3,667,109
1,876,323
5,543,432
3x118,996
2,578,705
Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable objects.
These funds are represented by.
2024
2023
Restated
Unrestricted
8.171,269
842,691
13.304,183)
10,000
1616,636}
5.103.141
Unrestricted
8.145,000
1.002,639
1259,3061
io,¢xrfJ
13,354,901)
S.$43.432
Tangible assets
Current assets
Current liabilities
Non current assets
Long term liabilities
11 OPERATING LEASE COMMITMENT5
At 31 December 2024 the Charity had outstandin8 financial commitments for future minimum lease payments under non-
cancellable operating leases in respert of land and buildings as follows:
Expirydate:
2024
2023
Within one year
Between two and five years
In over five years
671,381
1.062,785
743,488
2,477.654
629,479
1,094,125
306,202
2,029,806
17

ARTISTS STUDIO COMPANY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED)
12 PENSIONS
The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from
those of the company in an independently administered fund. The pension cost represents contributions
payable by the Charity to the fund and amounted to £23.735 12023- £17,766).
13 RELATED PARTY TRANSACTION
During the year the Charity:
received £4,176 as coworking membership fee from David Le Lay Ltd represented by a trustee.
received £51,290 as Studio fee from Bainbridge Print represented by the spouse of the CEO.
paid £11,250 as consultancy fee for Gallery Hire to BainbridRe Print represented by the spouse of the CEO.
All transctions were condurted on nomial commercial terms. There were no amounts outstanding at the year
end12023- £nill.
The key management personnel of the Charity comprise the trustees and the Chief Executive Officer of the
Charity.
Remuneration of Key management personnel
2024
1023
Ag8re8ate remuneration
132,504
128,836
2024
2023
14 GRANT INCOME
Council grant
180,000
180.000
15 CASH GENEI(ATED FROM OPf IIATIONS
2024
2023
Net Income for the year
Adjustments for:
Depreciation
Interest payable
Interest received
Movements in working capital:
Decreasellincreasel in debtors
Increase/ldecreasel in creditors
Cash generated from operatsons
440.291
560,660
65.586
215,105
{17.7591
96,409
227,797
110,931)
13,062
118,4411
by I.IS44
24,494
1118,3861
1110,043
16 NET DEBT RECONCILIATION
01 Jan 24
Cash flows
31 Dec 24
Cash at bank and in hand
Loan due within one year
Loan due more than one year
564,324
{3.064.0341
1242,5151
12,742225)
173,010
2,982,496
2,694,325)
461,181
737,334
181,5381
12.936,840
(2,281,044
18