COMPANY REGISTRAMON NUMBER: 3771789 CHARITY REGISTRATION NUMBER: 1082043 Spitalfield Arts - Facilities and Education Company Limited by Guarantee Financial Statements 30 September 2023 Chartered Certified Accountants & ststutory auditor 7-15 Greatorex street London E15NF
Spitalfield Arts - Facilities and Education Company Llmlted by Guarantee Financial Statements Year ended 30 September 2023 Page Trustees, annual report (incorporating the director's report) Independent aUdit0S report to the members ststement of financial activities (including income and expenditure account) Statement of financial posff(ion Notes to the financial statements Th• following pages do not fonn part of the financlal statements Detailed statement of financial activities 16 Notes to the detailed statement of financial activities 17
Spitalfield Arts - Facilitles and Education Company Limlted by Guarantse Trusl8es' Annual Report (Incorporatlng the Director's Report) Year ended 30 September 2023 The trustees, who are also the directors for the purposes of company law, present Ihelr report and the financial statements of the Gharity for the year ended 30 September 2023. Referenc8 and admlntstTativo detalls Spltalfield Arts - Facilities and Educatlon R8g15ternd charlty name Charlty reg18tratlon number Company reglstratlon number 3771789 Prfncipal offlce and reglstsrod 7-15 Greatorex Street offlcg London E15NF 1082043 The tTUStee8 Jil Cove Nicholas Charfes Kirk Jacqueline Remfry Temsuyanger Longkumer Maggie Pinhorn Will Mount Cornpany secretary Ms. J R¢mty Audltor Dungamalla & Co. Chartered Certified Accountants & statutory auditor 7-15 Gre8torex Stet London E1 SNF stTUCtuie, goveman¢e and managoment The charty is managed by trustees elected annually over a three-year cyde. The trustees also act under company law as directors of the company. Obledlves and actlvities The Charity's obs'edives are to advanGe the educal¢n of the public, in particular chlldren and young people In the arts and ihe rellef of povety amongst artists by the provision of affordable workspac8 and studio space for artists and creative people with limited means. Safe Stud¥)s provides a lertile creative environment with shared facilities and infrastructure SUPF)Ort including access to training for young artists. The studio spaces provide affordable workspace and faGilities to buikl a Creath've, affordable, secure and stable seedkjed for fine arknsts and associated arts charities to take root. grow and flourfsh. The artists together with the assoctated groups and other organisations work together to produce works for public enlightenment and enjoyment in the f¢fm of open studios, exhibrtions and public events.
Spitalfield Arts - Facllities and Education Company Limited by Guarantee Trustees. Annual Report (Incorporatlng the Director's Report) (¢ondnuedJ Year ended 30 SepteMr 2023 Strateglc report The following seclK)ns for xhievements and performance and financial review form the strategic report of the charity. Achlevgfflents and pgrfornianco Spitalfields Small Business As50ciatyJn Continues tr) manage S8fe Studios. For the last five years and ongoin9, Sale SludN)s Arbsts, in Collabon with the Whitechapel Gallery are tsking part in First Thursdays exhibitions. This means that on the first Thursdays of every month, Safe Studios opens Iheir dcrfxs for free art exhibib'ons for all.This stopped during Covid bul has resumed in earnest over the last year. Th& exhibitions are free and offer artisltc and cultural experiences that enrfch people's lives. It brings people together and leaches people about theMSee$ and the wortd around them. The exhibitions are normalty attended by more than 100 people on the opening night and more fcf the duration of the exhlbilion. Apart from the exhibitions the artists theMSeeS are actively involved in the cofflmunity, Some ol them offer art lessons in schools as well as tuition within the studios. Financial revlew In the last year Safe Stud#)s has enjoy&l full c¢cupancy. SSBA continue$ to manage SAFE Studios and rewrts lo the trustees regularty. Plans fov futurg p•rfods SSBA wlll continue to act in its capacity of Manager until further notice. Trustees. responslbllities statement The trustees, who are also directors for the purposes of company law, are responslble for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounts'ng Standards Iuniled Kingdom Generally Acceptsd Accounting Pwticel. Company law reqsjlres the charity trustees to prepare financial ststements for each year which give a true and fair view of the stale of affairs of the charitable company and the incomlng resources and application of resources, including the income and expenditure, for that period.
Spitslfield Arts - Facilities and Education Company Limltsd by Guarantee Trustees, Annual R•port (Incorporating the Dlrector's Report) {eonllnuod) Year ended 30 September 2023 In preparing these financial statements, the trustees are required to.. sele¢t suitable accounting prjicies and then apply them consistently., erve the methods and principles in the applicable Charlties SORP.. make judgments and acGounting estimates that are reasonable and pNdenl; state whether applicable UK AcctxJnkn'ng Standards have been followed, subject lo any material departures disclosed and explained in the financial statements.. prepare the financi* stslements on the going concem basis untess it is inappropriate to wesume that the charity will conlintje in business. The trustees are responsible for keeping adequate a¢¢ounling records that are sufficient to show and explain the charity's transactions and dlsclose with reasonable accuracy at any time the ffnancial position of the charity and enable them to ensure that the financial stalemenls compty with the Companies A¢1 2006. They are 81so responsible fof safeguarding the assets of the ¢harty and hence for taking reasonable stsps for the Pfevenlion and dete¢tion of fraud and other irregularit. Audltor E&h of the persons who is a trustee at the date of approval of this report conflrm8 that.. so far as they afe aware, there is no relevant audll information of whl¢h th8 charity'$ audilof IS unaware.. and they have taken all stsps ih2t they ought to have taken as a trustse lo make themSee$ aware of any relevant audit information and to establish that the charlty's auditor is aware of thal infomialion. The auditor 15 deemed to have been re-appointed in awordance wilh se¢tion 487 of the Companies Act 201%. The trustees, annual report arEd the strategi¢ report were approved on 26 June 2024 and signed on behalf of the board of Irustses by.. Jil Cove Trust Chair Ms. J Flemfry Charity Se¢retsry
Spitalfield Arts - Facilities and Education Company Limitsd by Guaranloe Indop•ndent Auditor's Report to the Members of Spitalfield Arts - Facilitie8 and Education Year ended 30 September 2023 Oplnlon We have audited the financd statements of spitair1 Arts - Facilities and Education {Ihe 'charity') fc the year ended 30 September2023 which comprise the statement of financial activities (including income and expenditure account), statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation15 applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Repofting Stsndard appli¢able in the UK and Reput4ic of Ireland (United Kingdom Generally Accepted Accounting Practice). In ¢JJr opinion Ihe financial statements: give a true and fair view of the slate of the charity's affair5 as at 30 September 2023 and of its irKoming resources and application of resources. including its Iame and expenditure, for the year then ended., have been properly ppared in accordance with Unlled Kingdom Generally Accepted AcGounllrEg Practice., have been ppared in accordance with the requirements of the Companies Act 2006. Bas(s for oplnlon We Conducted gui audit in accordance with IntemataI Standards on Auditing {UKI IISAS (UK)) and applicable law. Our responsibilities under those standards are further described In the auditor's re$ponsibilitie5 for the audit of the financial statements section of our report. We are Independent of the charity in accordance with the 8thicaS requirements that are relevant lo our audit of the financial statemen15 in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethic81 responsibilities in accordance wth these requirements. We believe that the audit evidence we have obtained is sufftcient 2nd appropriate lo provide a basis for our opinion. Concluslons relatlng to golng concern Ir auditing the financial statements, we have Concluded Ihat thè InJstee8' use cf the golng concern basis of accounting in the preparation of the financial statements is appropriate. Based on the wcxk we have perfomied, we have not identifled any material uncertainties relaiNJ lo events or ccnditions that, individually or collectively, may cast significant doubl on the charity's ability lo onlinue as a g¢ing concern for a period of at teast 1ve months from when the financial ststements are authorised for issue. Our responsibilities and the responsit41ilies of the Injstees with respect te going concern are described in the relevant sections of this report.
Spitalfield Arts - Facilities and Education Company Limitsd by Guarantse Ind•p•ndent Audltorf3 Report to the Members of Spitalfield Arts - Facilitles and Education (eonllntmdj Year ended 30 September 2023 Other Infornialion The other information comprises the information included in the annual report, other than the financial statements our auditots report Ihereon. The trustees are responsible for other information. Our opinion on the financial statements does not cover the other information and, except to the extent otheiSe explicitly stated in our report, we do not express any forn of assurance conclusion thereon. In conrli0n with our audit of the financial ststements, our responsilility 15 to read the other informakn'on and, in doing so, consider whether the other inft)rmats'on is materially Incsistent with the financial statements or our knowledge obtained in the audit or otheiSe appears to be materially misslated. If we identify such matorlal inconsistencies or apPant material misstatements, we are required to determine whether thare is a material misstatement in the financial statements or a material misstatement of the other infomatson. If. based on the work we have perfofmed, we conclude that ther8 is a material misslatemenl of this other infomiats'on, we are required to r8POrt that ft. We have nothing to report In this regard. OplDlons on oth¢r mattors prescrlbed by the Compan1&8 Act 2006 In Our opin, based on the work undertaken In the course of the audit.. the wiformaUon given In the trustees, report ft)r the financial year for whth the financial slatsments are prepared is consistent with the financia statements,. and the trustees, rwrt has been prepared in xcordants with appll¢abla gaI requirements. Mattors on whlch we are requlrgd to report by oxceptlon In the light of the knowledge and understanding of the charity and Ils environment obtained In the course of the audil, we have not identified material mlsstslemenls in the trustees, report. We have nothing to report in respect of the followng matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial statements ar8 not in agreement with the CountIng records and retums,, or certain disclosures of trustees, remunerallon sFecified by law are not made; or we have not received all the infonmadon and explanations we require for our audll.
Spitalfield Arts - Facilities and Education Company Limited by Guarantse Indapendent Auditorfs Report to the Mombers of Spitslfield Arts - FacIli.eS and Education (cunllnu•d) Year ended 30 Septsmber 2023 R•¥ponslbllltles of trustees As explained more fully in the trustees, respxjnsibllitles statement, Ihe trustees (who are also the directors for the purposes of company law) are responsible lor the preparab'on of the financial statements and for beirvJ salisfted that they give a ITue and fair view, and lor such internal contrd as the trustses delefmine is necessary to enable the preparatson of financlal statements that are free from material misstatement, whether due io fraud or error. In preparing the financial ststements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the trustees either intend lo l*]uidate the charity or lo cea38 operations, or have no reali¥tlc a5ternative but lo do so. AuditoVs responsibilitle8 for th• audlt ol th¢ flnanclal ststsments Our objectives are lo obtsln reasonable assurance about whether the flnaKial stalements as a whole are free from material mlsstalement. whether due lo ftaud or error, and io issue an auditorfs report that Includes our opinion. Reasonable assurance is a high bvel of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UK) will always detect a material misstatement when it exists. Misstalemenls can arise from fraud or error and are considered malerwl if, individualty or in the aggregate, they could reasonabty be expected lo influence the ewnomic decislons of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non4omplianGe with laws and regulations. We design procedures in line wth our responsibilittes, outlined above, to detect material misstalemenls in respe¢t of irregularities, including fraud. The extent to which our prc¢edures are r2pable of dele¢ts'ng irregularitie5, including fraud is detailed beh)w'. We 8xerclse professional judjement and maintain professional s¢eplicism throughout the audit As part of an audit in accofdance with ISAS (UKI, we exercise professional judgment and maintain professional scepliGism throughout the audit. We also-. Identify and assess the risks of material misstatement ol the financial statements, whether due to fraud or efror, design and Ferform audit pnxedures responsive lo those risks. and obtsin audit évidence that is sufficient and appropriate to pfovide a basis for our opinion. The risk of nat detecting a material misstatement resulting from fraud is hher than for one resuming from error, as fraud may involve collusion, forgery, intentional omissbns, misrepresentstions, or the override of Internal control. obtain an understanding of internal control relevant to the audit in order to des audit procedures thal are appropnate in the clrcumstances. but not ft)r the purpose of expresslng an oplnion on the effectiveness of Ihe internal control. Evaluate the appropllateness of aOUntIng policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
Spitalfield Arts . Facilities and Education Company Limited by Guarantee Independent Auditor's Report to the Members of Spitalfield Arts - Facilitias and Educatlon fconllnuodl Y•ar ended 30 Septsmber 2023 Conclude on the appropriateness of tle trustees, use of the going concem basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events conditnS that may cast signifiGant doubl on the charity's 8bility to continue as a going concern. If we ¢on¢lude that a material uncortainty exists, we are required to draw attention in Ouf audilorfs rewt to the rdaled disciosures in the financlal statements or, if such disclosure3 are inadequate, lo modify our opinion. Our conclusions are based on the audit evidence obtained up to the dale of our audito$ report. However, future events or conditions may cause the charity to cease lo continue as a going concern. Evaluate the overall presentation, structure and content ol the financial statements, including the disclosures, and whether the financial statements represent the unéertying transaclvjns and events in a manner that achieves fair preS8ntatsn. We communicate with those charged wth governance regarding. among other matter5, the planned scope and ts.ming of the audit and signlflcant audit findings, including any gnifant defiGiencles in intemal control that we identify during our audlt. R. F Dungarwalla (Senior Ststutory Auditor) For and on behalf of DungaNRlla & Co. Chartered Cerbfied Accountants & statutory auditor 7-15 Greatorex street London E15NF 26 June 2024
Spitalfield Arts - Facilities and Education Company Limited by Guarantee Statement of Financial Activitlos (including income and expenditure account) Year ended 30 Septsmber 2023 2023 Unreslricled funds Total funds Total funds 2022 Income and ondowmonts other irmme 101,861 101.861 101,861 101,861 99.449 ' 99,449 Total In¢ome Exp8nditure Expenditure on raising funds.. Costs of other trading activities Total oxpendlturo 91.762 91,762 91,762 79,957 79,957 91,762 Net Income and net movement In lunds 10,099 10,099 19.492 Reconclllatlon of funds Total funds brought forward Total funds carrlod fovward 100,441 110.540 100,441 110.540 80,949 I.442 The statement of financlal activities includes all gains and lossès re¢ogni8ed in the yéar. l income and expenditure derive from continuing activities. Th• notss on pages 10 to 14 fomi part of thtt• Ilnanclal 8tstsm¢nts.
Spitslfield Arts - Facilities and Education Company Llmited by Guarantse ststement of Flnancial Po8ltion 30 September 2023 2023 2022 Current assets Debtors Cash at bank and in hand 18,059 116,911 434,970 8,136 112,039 120,175 Creditors: amounts falllng due wlthln one year Trade creditors Other creditors including taxation and SOC security Accruals and deferred income 5,167 18.313 950 476 18,308 950 1Q 24,430 19,734 100.441 1CwJ,441 1,441 Net current assets 110.540 110,540 110,540 Total assets less currnnt Ilabllltles Net assets Funds of the charlty Unrestricted funds 110,540 110,540 100,442 100,M2 Total ¢harlty funds 11 These financial statements were approved by the board of trustees and aulhorised for18sue on 26 June 2024, and are signed on behalf of the board by.. JaGquellrE Remty Trustee The nots3 on pago8 10 to 14 fom part of th¢$• ff nanclal 8tatement8.
Spitalfield Arts - Facilities and Education Company Limitsd by Guarantee Notes to the Financial Ststements Year ended 30 S•ptsmber 2023 General Infonnatlon The charity is a public benefit entity and 8 private company limited by guarantee, gIStered in England and Wales and a registered charity in England and Wales. The address of the registered office is 7-15 Greatorex StreeL London, E15NF. Slatement of compliance These financial statements have beer prepared in cornpliance with FRS 102, 'The Financial Reporkn'ng Stsndard applicable in the UK and lfve Republic of Ireland,, Ihe Statement of Recommended Practice applicable to Charities prepallng their accounts in accordanee with the Financial Reporting Standard applicable in the UK and Republic of Ir8laThl IFRS 1021 (Charities SORP (FRS 1021) and the Companie$ A¢t 2CrfJ6. Accountlng policlo5 Basls of prnparation The financial statements have been prepared on the historical cost basi$, as Modif by the revaluatN)n of certain financial assets and liabilities and inveslment properties measured at fair value through income or expenditure. The financial staternents a prepared in sterling, whl¢h is the fundlonal currency of the entity. Golng concom There are material uncertainties about the charlty's abillty to continue. Fund accountlng Unrestricted funds are available for use at the dls¢retSon of the trustees lo further any of the charity's purposes. Designated funds are unrestricted fvnd3 earmarked by the trustees ft)r parbcular future prcie¢t or commitment. Restrictgj funds are subpcled lo reslriGlw)ns on their exFenditure declared by the donor or through the terms of an appeal, and fall into one of knvo SUblasSeS.. Testricled Income funds or endowment funds. 10-
Spitalfield Arts - Facilities and Education Company Limited by Guarantee Notss to the Financial Statsments (¢ondnuedJ Year ended 30 Septsmber 2023 Accountlng poll¢les (conttnu•dJ Incomlng T•¥ourc8# All incoming reseurces affj induded in the statement of financial aclivlties when entitlement has passed lo the charity., It is probable that the economic benefits associated with the transaction will flow to the charity and the amount Gan be reliably measured. The following specific policies are applied to particular catwk8s of Income.. income from donatlons or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliabty. legacy income 1$ recA)gnlsed when recoipt is probable and entlement is established. income from donated goods measured at the fair value of the goods unless thi5 IS impradical lo measure reliabty, in which case the value 1$ derived frc*m the cost to the donor or the estimated resale value. Donated facililles and seryi¢es are recognIs in the accounts when received if the value can be reliably measured. No amounts are included for the contribulion of general volunteer5. income from contracts for the suppty of setvices is recognised with the delbvery of the contracted service. This is classtfied as unreslricled funds unless there 15 a contractual requirement for it to be spent on a parti¢ular purpose and returned if unspenL in which Gase it may be regarded as restricted. Resources gxpended Expenditure is recc>Jnised on an a¢¢ruals basis as a liability incurred. Expendlture Includes any VAT which cannot be fully reGovered, and is classified under headlngs of the statement of financial activities tc which il relates.. expenditure on raising funds indudes the costs of all fundraislng a¢livities, events, non- charitable trading acts'vities, and the sale of donatod goods. expenditure on Charitsble aclNities includes all Costs incurred by a charity in undertaking activities that futher Its charitable aims for the benefit of its benefarles, including those support costs and Gusts relating to the gcvernance of the Charity apportioned to Charitable aclivitss. other expenditure includes all expenditure that Is neither rdated to raising funds for the charity nor part of its expenditure on charitabte activities. All costs are allorAtsd to expenditure categories refiects'ng the use of the resource. Direct costs attributable lo a single activity are allocated directty lo that a¢tNity. Shared costs are appoftioned been the activities they contn'bute to on a reasonable, lustSfiable and ¢onsistent basis. Financlal Instruments A financial asset or a financial liakility is rpcogni5ed only vA)en the charity becomes a paty to the contractual prowsion$ of the instrument. Basic financial Instruments are initially reGOgnIs at the amount receivable or payable includin9 any related transaction costs. 11
Spitalfield Arts - Facilities and Education Company Limited by Guarantse Notss to the Financial Statements {coftllnuédJ Year ended 30 September 2023 Accountlng pollclos (¢ondTnu¢d) Financial instruments (¢ottlln¢dJ Current assets and current liabilities are subsequentty measured at the cash or other considerab'on expected to be p8KI or received and not dTrscounled. Debt instruments are subsequently measured at amortised cost Where investments in shares are publicly traded or their fair value can otherwise be measured reliabty, the investment is subsequontly measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequentty measured al ¢osl less impairment. other financial instruments, including derivatives, are initially recognised at fair vaue, unless payment for an asset is deferred beyond normal business terms or financed al a rate of interest that Is not a market rate, in which caso the a5sel is measured al the present value of the lulure payments discounted at a market rate of interest for a simil debt instrument. Other financial instruments are subsequently measura al fair value. wlth any changes recognised in the statement of financid acts'villes, with the ex¢epts'on of hedging instnjmenls In a designated hedging relationship. Financial assets that are measuod at cost or amortised cost are reviewed for objeclve evidence of impairment at the end ot each reporting date. If there i¥ objective eviden of impaimient, an impairment k)ss is recognised under the 4ppropfiats heading in the statement of financial activities1n which the Initi gain was recognised. For all equity instruments regardless Of slgnlflcance, and other flnancial assets that are individually significant, theso ar8 assessed Indlvidualty for impalmellt. Other financial assets are either assessed individually or grouped on the basls of simllar Gredlt ri¥k characterUC¥. Any reversals of impaimienl are recognised immedialety, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the canylng amount would have been had the impaiment not previously been recognÈsed. Llrnllgd by guarante• A company Is Ilmited by guarantee. othor In¢ome Unrestricted Total Funds UnrestrECted Totsl Funds Funds 2023 Funds 2022 Rent received Bank interest r8ceived 101,620 241 101,620 241 99,439 10 99,439 10 101,861 101,861 99,449 99,449 12-
Spltalfleld Arts . Faclllties and Educatlon Company Limited by Guarantee Notes to the Financial Statements {conllnuedJ Year ended 30 September 2023 Costs of other tradlng actlvltl8s Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Costs of other trading activities 91,762 B1,762 79,956 79,957 Staff costs The average head count of employees during the year was Nil {2022.' NIII. No employee received employee benefits of more than £60,000 during the year (2022.. Nil). Truste8 r•mtsneration and expen848 No remuneration or other benefits from employmenl wlth the charity or a related entity were received by the trustees. Debtors 2023 2022 Trade debtors Prepayments and a¢crued income 14,902 3,157 18,059 3,006 5,130 8,136 10. Other creditors Includlng taxatlon and soclal seGurity falllng due within one year 2023 2022 Other creditors 18,313 18,308 Other creditors includes the amoullt of £17,860 (2020-.£17,5601 for rent deposits hdd. 13-
Spitslfield Arts - Facilities and Education Company Llmitsd by Guarantee Notes to the Financial Statements (conllnuedj Year ended 30 September 2023 11. Analysls of charltable lunds Unrestrktod funds At 1 October 202 At 30 Septefflbe r 2023 Income Expenditure General funds 100,441 101,861 (91,762} 110,540 At 1 October 202 Al 30 September 2022 Income Expenditure General funds 80,949 99,449 179,9561 100,442 14-