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 aUdit0￿S 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 St￿et
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 SepteM￿r 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 Collab￿￿on 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 theMSe￿e$ 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 theMSe￿eS 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 themSe￿e$ 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 spitair￿1￿ 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 I￿ame and expenditure, for the
year then ended.,
have been properly p￿pared in accordance with Unlled Kingdom Generally Accepted AcGounllrEg
Practice.,
have been p￿pared in accordance with the requirements of the Companies Act 2006.
Bas(s for oplnlon
We Conducted gui audit in accordance with Intemat￿aI 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 rela*iNJ 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
othe￿iSe explicitly stated in our report, we do not express any forn of assurance conclusion thereon.
In conr￿li0n 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 Inc￿sistent with the
financial statements or our knowledge obtained in the audit or othe￿iSe appears to be materially
misslated. If we identify such matorlal inconsistencies or apPa￿nt 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 f￿t.
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 h￿her 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 a￿OUntIng 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 ￿ condit￿nS 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 preS8nta￿tsn.
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 ￿gnif￿ant 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 SUb￿lasSeS.. 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 en￿tlement 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 benef￿arles, 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
be￿en 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 character￿UC¥.
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-