Charity reglstratlon number 1140525 (England and Walès) C¢)mpany reglstratlon number 07371445 ARTS AT THE OLD FIRE STATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 ARTS AT THE OLD FIRE STATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees C Boon (Chair} K Col￿nS D O'Hara L Herman H Smth ITreasurerl Chlof ?xecut5vo offlc•r C V8wJh8n R K VallSns Charlty nUM￿r 1140525 Company numb¢r 07371445 40 G8ryge SITeet Oxford OX1 ZIQ Ilthardsons 30 Upper H•3h Street Thame Oxfortshire OX9 3EZ ARTS AT THE OLD FIRE STATION CONTENTS Pago Statement oftrust* re8pons1tir￿e8 Inde￿ndent auditoffs report 10- 11 12 Balan¢• sheet 13 Notes to the flnancw st8t¢rnents 15-23 ARTS AT THE OLD FIRE STATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2024. Thè Trustees, are also dlrectors of the tharity for the purptss8s of ttle Cornpanies Act 20C6. present thalr roportyrith the financial statements for the year ended 30 September 2024. Thè 8ttx)unls have been prepared In a¢xord8n¢* with the aCc￿jntlng pclioas set out in note 1 to thè S(￿OUnts and compty with the Charitable companvs Mèmorandum and Artides of Assouation. Ihe Companies Act 2006 and 'Accounts"rMJ and Reporting by Charibes.. St&er￿ent of Reo)mmended Prneb(x applixble to tharitses preparing their accounts in ac(x)rdancé with the FIn8n0￿ Reporting Standard aPp￿cabI& in the UK and Republi¢ ol Ireknd IFRS 1021. {a$ amended for ao))unting ￿nad8 comrnencing frcffi 1 JanLtary 2016). Objectives and actlvltles The Objecis of the Charrty are, for the putlic benefi( to ￿1VanCe education in tha arts In Oxford by the provlsion and Manage￿At ofan arts faality called the Old Firtt stst￿. Our mkssion is dosety afkJned to Art% Council EtYJland's L•V$ Create Stratwi. Oxlord Cty CourKiI's ThriwNJ Communibes Strat8gy and th8 stratsgigs of the naticfflal Fouryjations that SUPFX)rt us. Thg Okl Fire Station Is a eentr* for creatiwty in Oxford houslng ts¥o organi8at*Jn8: the homelessn￿ charity Crisis and Arts * the Old Fire Station IAOFSI. We share our buihjing. AOFS encourages pèople frorn all ba￿undS to uThJgrstsnd and shap8 In whir* we fwe thr￿agh stories. creativTty and the arts. and by connecting wth othets. ART IS FOR EVERYONE. EVERYONE HAS POTENTLAL. What w• do Produce and prns•nt aero*# art forn We want our reputation to be quality arL in person and onfine. whith ¥$ aimed at adults, takes a asks qUestiL￿S and entertains. We want OLbr *Jdioncg5 to have fun and b8 open to new idgas and dTrTerent peoplè. Help p￿PIE to bè er•ative We wanl people to be able to wrfts. slng, draw. dewise. design, porfom, move, make, imagin8. play and ueate: indiwdualty or wth others and to 8 high standard. CreaJvSty indudes artistic practice but also 8xtends lo lechnokjgy and 8cience and imaginalNe thinking. We want peop￿ to t•ll their own stories using the medium that worts bost forth&m. Support artlsts We want aarly to rrid-career artists from all thsdpllnès to have a￿esS to the ajvlce. nets￿rkS and promooon they need to develop t￿1r prddii% as c*eatNes and as facllitators of other people's creativty. In¢lude people fadng tough tlm•s ￿taUse of dlsadvan*• We share our building wth the homelosgness tharity, Crisis. Through thls partnership, we offer people who are FK)meles5 $pace to define Ihemselves aryj djoose their own labeL8 by inclLwJing them in running of the cèntre. We saek to irtdude others who are soaally isolated and disadvantaged. We do not f(xus on kJmelessTr8ss. We foujs on what pwpte who falx disadvantage can offar. Work with communltE•s across Oxford Wrfh CriEis, we offer a public spac6 whith is Shared by very d￿arent pgopl8 ond helps to break down barrigfS and promot& 801idarity in Oxf￿d. W8 al80 worf( through partnerships tW￿d our t￿Ilding with differènt 0)mMun￿e$ around Oxford. ARTS AT THE OLD FIRE STATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 What rlnev Tn Unlearn Discrirnination This means workirw with others to educattr OLSrsetve$ about ra￿srn and othw fomis of dis¢riminalion In cu￿Ural organi8alK)n8 lespeod wards to disabilty and c4assl. take practical steps tts become more representative ofdiverse ¢ommunrtse5, . use our creativty to èxplore diverne cuknre and challeng8 ignorydnc9 or alwse. B• human friendty Thls mèans workng with others to educata our58fves about heajthy organisational culture and deosion maknng take pract￿al steps to develop honest supporfvè rÈlation8hips wthin ￿Jr t•am. wilh our volunteers. our pathars and fvndeTr and wtth the public use our creatiwty to promote Se￿iCe$ founded on gc¥)d walty relatiorthips and ￿arnIt¥J. It al>) means havlng fijn! Experiment and Usten To make gre81 art and to achl8v8 changè we have Io gxperiment and play. This means taking risks. being prepared tr) fail and being able to adapt and respond. It al80 means listening carefully tg those with whorn w8 wcffk. rellectlng daepiy on whatwe do and how we ¢$) li and measuring impact primarity through sttrytelling. Face the Cllmate Emèrgèncy This rneans working wfth others to . gducats oursefves about the èmergency, takè Practral st8PS to redu￿ (arbon emlssions. use our creatfvity to help our ￿￿mUnIty fa￿ the d)allerKJes ¥h¢ad. Bulld financial reslllence This mè8n5 8nsuring that we a￿ here the long twm by dwersifying income stream$. securing Core aThJ project fundin9. developing the tr￿SIness. minlnising expendlturé whibt delivering our missK)n and maintsining appropriate levels of resew. It akn means ensuring that those we work with are prcyerty pald to help them beo)me financial￿ reS￿lenL How do we do Iri We do all this by fr￿u$51ng on.. good qualty relationshlps Ilstèning and leaming encouraging creativity and risk-taking offeriThJ a public Spa￿ vthÉch is wekoming lo all • worknng o)Ilaboradvaty onlin9. outslde and elsewhere. is needed? Oxft)rd is globalty renowned for sbjnnlng herttag& and outstand￿g r&search. Oxford is also a of disadvantage and inequality. Oxford needs the Old Fir8 Station b￿aL$Se it is about openness. indusion. looking foThYard ond dtfferontthinktng. The Okl Fire Station acis as a brtdge befv￿ sectors. organisatH)ns and paopl8. ARTS AT THE OLD FIRE STATION TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Our CO￿ ActTvrhes A perfornilng arts programme of theatr< muslc. dance, s[￿ren word and o)mety presont8(I mainty in the Theatr& bjt also in other spaces within and wrfhout Ihè building and online. Events are prcxJrammgd on a hire basb or on varwng aJre8m8nts around fees. gLtarantees and box office splib. Work ranges from some of the best UK professional smalkcala touring. to local $em￿ProfesSi￿al and amat8ur work. We also Produce work and prtrsent regular Scratch nights and nèiworknng opportunitses for arbsts. Most wnts have an assoaated bar. A visual arts programme Presented mainty in our Galleries but also in othèr spa(ss Isuth as the Café. onlinè and outsid9}. Exhibitions usualty run for six weeks and have an associated series of workshops for the public. The work ranges from earfy career to &stablish$d artists. and indudes work by professlon815, Students and peopb facln9 tough lfimes. Some attract hire inc¥)me orgvdnts. Some exhibitrjns indude work for 5alg. Self*roduc•d work. usualty supwirted by project fijnding, indudes ￿ative PTojects with p￿p￿ who are knrvJ tough tirnes {e.g. H*Id￿ Spi￿. ICON) and new work le.g. Chrfstrnas show$). A p￿9￿MMe of crnatlve workshops for all. A rÈngg of IxskKJke offers to support artlsts wrth thwr creative, techn*￿1. markatin9. fuN1rd￿1Th3, netsvorklr¥J and businw dwfjlopmont need& Spa￿$ for hlre raroing from regular weekty dance das6es to perfonnances. wukshops. training. events. m8etrngs, rx)nferences and partses. Aeafé Samng f￿1 by t)amaSC￿S Ros8 lfjtchan In tho daytimo and bar serviro audien￿ in thè èvoning. Major events Such as Mamial8d8 Festival la sodal Sustlce fesfval In path$rship with Ihe Skoll Worfd Forum) and OniEat la performin9 arts fesbval in partnership with Oxford Playhouse and Tha Nèw Theatre). Fxilitation. consultancy. traI￿Ing and t•chni¢al Servi￿ are offer&J on a paid for bo$i$ or ￿ part of partnershSp 8rr8nggm&nts. Onw1￿ work with crI￿S to enable p￿pIt who are homeless to partSclpat• Snduding: Fratr tic*ets to see shows. A training scheme to gain transferabk $ktll$ In #r￿ such as wslomer seNtce. tethnk*l suptM)rt, adminkthtson, marketing, fvndfaising. financa. èvant organisalK)n, visual arts oJratitsN 8rMI stage managemenL VolunteerirrfJ opwjrtunibes (mainly as Front of Hous• Ushe￿}. . Creaiive oppo￿n￿&S to Work to a high standard ID present in our theatre. gallery or elsewhere in the building . Invofvement in organisational dedslms induding pr0￿ming. recruitmenL a(fvocacy and wvemance. Storytelling projects vlhich gather the stories of swJnrfK%nt d￿nge of those cfosest to th• worK ¥rKI leam and ev￿uate Smpad fr￿n the parliiypatory. cdlective Interpr8tatton of thow storytellers. Facilitatson of and cx)ntiibution to r88earth. advocacy and colL￿OralI0n about systems chang• and placemaklng through the Oxford Mamalad8 Group and olher thal and national partnars. ARTS AT THE OLD FIRE STATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Achlavomènts and porftymance In a year of considerable ehange which induded wgk))miNJ a now (a)18f &xecgJlNe Officer to Ihe team. ￿ are Fleased to have been able to support more artssts Ihrough comrThssions and seed fvnding, increase the reach d irnpact of our storytelling evaluation and Improve our finandal ￿dIence throuoh the growth of our commorual inry)me. HwJhllghts in¢lud9 . ReceI￿n9 a record btsaknng 347 8pplic2tion$ for what b&2me Ihe largest Mammlade Festival yaL 88 sessions acnjss 12 venues over fLwr ¢J8ys. DelNering an ambitious Offfoeat perfomiing arts fèstival in partn8rship with Oxford Playhouse and Th& New Theatre that featsjred nearfy 40 events. gave seed fundlng lo nine 8rb8ts. Offe￿ PrOfe￿Onal devekjpmenl workshops aThJ created new partnerships vrith cxsmmunlty organlsa1kJns, induding KEEN Ctsford, a youth4ed OTganisath)n developing inclusive projects in OxftsrJunty in our Storyt8Hing Evaluauon Method Presenting Jcwjrrw of the BI￿ Sun. a naw èxhlbltion by Samj Pat81 oxpk)riTh3 migTatb)n, bekjnging and cornThwnty. Wothng alongside people faiing hard time6, induding developing the Hidden Splra Coll8etiV8 &8 8 spacL for wple Mlh ex￿rienCe of homele58ness and memters of the wider o)mmunty to coliat)orate vAth prof¢sslonal artsts. express thgmsefves Thtivety. and Share their art. Offermg a second pl3￿ritIng courstr v+ith Mik8 Baruett and ccrtinuing to ￿lIab)rate on Oxford Pkifforns, a quartety showcase of new wrlong John RetallAck. . IntrOdU￿n9 Drawng Club, a I￿nth￿ event for anyone Vh￿ wants to 8xpk)re thair craativty thrwh the vlsual arts. Leading an inquiry into meaningful measurgm8nt and suprJ)rlir¥J partners across the dty and beyond to use stortes as a means to evaluate and understand their impacL Growng the café in partnership with Damascajs Rose Kltchen. as an acc8ssibb and *th)ming 8pac8 for 88V8ral comrnunthes. Improvlng our offer lo voluntgws better ty3tems, coffee mming5 and other events. aThJ Support into empjtymènt wh8re rel8v8nL InstalliThJ Eeosync wth support from the Linbury Tru¥L a sy8tern manging the buikliro's heatl needs mor8 8ffia8nty. considorably raduong our carbon footprint and redwrvJ energy ¢>)sts. Growing our COMMer￿al incorr£ in all areas. induding the cafe. venuè hire and tiiknt s8les. Implewonling leamings from an organisalion wkl8 ano￿adSM tralnlThJ process lo work towards be￿rnIng an anti-raast organisation. The year has includ8d a 18ader5hip transitic￿, wlh founding dIr￿r Jeremy Spaff￿d mo￿r0 to a part4im• Ass￿ate Director role focuslng on systems th8nge and maningful measurement. and Clara Vaughan stepping into the Chief Exewtive OffKer rol•. We remain committed to bvorting alongside people facing hard times. Indudlng p￿pK? ex￿rienc9ng homelessne&8. through our ck)5e partnership wth Crisis as well as other organisations. We ec￿tinUe to a(SJpt the Oxford knving Wagè as a mulimum frjr all employees (appli￿ble at the point in ￿ year wh6n salarf&s 8rs mtrl&w8dl. ARTS AT THE OLD FIRE STATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Looklng f0Th￿r￿ In the coming year. we are workiThJ on the developm8nt of a new strategy for long-term systemic Impad. responding to changing trend$ in homelessness. arts. sctkl Impart philanthropy and Oxford. devebped vAth partners ￿mmuni￿a$ ￿ hav8 d89p relationships wfth and those not raprWnt￿ before. Ak)ngsKle thaL we have the following prioriUg&' . Work wth our partners to develop the strudurè and fows of the Oxford Mamialade Group. a sy8ttrm8 ch8ng8 coalthon, in ways that are led by people with Itved experignces ofthe issues we seok to tac￿¢. Invèst in thg buildin9 to improve environm￿1 sustalnablllty 8tMI ￿dUce risk of malfvJn(aion. specifiealty through th& Insta1kti￿ of n8w LED lighting. Continue to 8xpk)re ngw ways of partnering wilh Crisis in our building and indu(ling people experiencing hOMe￿sSn￿ in ru[￿ing the arts ￿ntre. Deepen our relationship with vttritsus p8rlner organisalions lo extend our arts arKI tsining offern to people faung hard times. Explore new models for C(￿CreatiOn and powar sharing wthin the Hblden Spire Collectivg and through the ways we programme. Inv8st in building and sustaining a heathy onJanisati¢)rt81 Cu￿rg that enables suppjrt. r8s( loy and meanlngful work. sent an &tisltealty èx(iting 8rKI soryaliy lho￿h￿JI Christmas show (Bofore the Millenium by Karim Khan in 2025). Deliver an impactful Mam￿ade Festival with f8werevents and h¢gher attendan￿ per evenL D8velop Ofibeal as an artist fwjsed festival that supp¥￿ts k)cal artists and the long-tomi dav8lopm•nt of ngw higlwuality theatre. Continue to d&￿lOp. impt8ment and mmitor OUT actions towards bec￿ming an an￿ra(¥st c￿nIsa￿On. Grow the scope, Influen￿ and reath of our storytelling aTKi systems change wot1(. . Grow our ￿mMer￿al incomè. particukrty in twms of private lures and the cafe. Financial review In accordance ￿th the charws Memorandum and of As8(hx*on, all surpluses Af8 applied $018ty towards th8 promotion of acbvitses of the charity. We havè mèt our bu(%3et wth a small surplus of £314. Thls Is an ax(xllgnt resum, parbrajlarty In Ilght of a fijndrdslng shortf811 of £69.230 against ambitious tsrgets. Despite Ihis. our tumover irKTra8ed by nearly 15%. frorn £1,189,836 In 2023 to 1.363.071 irh 2024 and a small surplus in year of £314 whith results in a balan￿ on unrestricted fvnds at the end of the year of £293,282. A ssgnTficant factor in this was excellent results in all mmercial areas- It L% worth notlng that 33% of our income this year was o)mmeroal, an incrèas• from 28.6% the prewous year. Private hires shines in paitcutar. wth an increased in(Y*me of neatty £30k. Mamialade Festival so (x)ntribuled by exceeding its donations target While it Was 8 th811enging year for fundraising. we incre8$#d our indiwdual donations target for the first time wth £37k morè than wè brought in last year, and received som8 unbudgeted grants Indudbng tho Lbnbury Tru8t, enabled us to Instsll system8 that will reduce ujr ul￿NIeS From an expenditurg point crf vlaw. ￿ m*Ja savlngs in *laiig8 due to a rekbvoty high staff tumov8r this year, whi¢* wg don't prgjicl wll be replicated in the upcoming y8ar. Dest¥te this, our overam staff costs inctsas8d by about 11% frorn 2023 to 2024. Due to Glacier. commlsslons for Mamwlade, and a bigger Offbeat we spent consrdardbly more on fred8nrR artssts, which aligns wth cwjr mission to support arlists. Our Increased producing activfty meant w8 wèrè ab￿ to claim rnore tax relief than the prew¢JJs year. which accounted for 3% of our income. We spent more on stsff trainin9 which is a good investmeTrL and also on (x)nsukants- this refiects the need to hire freelan￿ stcwytelllng facslitAtors 8nd short-term marketing support dve to slaff d)angès. Several major national Foundations have o)nb"nued tr> support the charity induding Lankelly Chase Foundation, National Lottery Community Fund. Rothschikl Foundatitin. Esmée Fairbaim Foundation, Backstage Trust. nbury Trust and P8uI Harntyn FoundalH)n. Oxford City Council has also continued lo support the charity with fijnding 8nd In-kknd (x)ntribution8. Council Engknd (ACE) has support8d the 0￿beat festival and Skoll Foundation has oncè again inem$8d ts support for the Mamialade Feslval. ARTS AT THE OLD FIRE STATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2024 R•serves policy Where appropriate, Arts at the Old Fire Station holds ￿$tricted fvnds in accordan￿ wtth funders. requirèments. Free reserves are that part of a charity's unrestricted funds that are frè81y av8i18ble to spend on any of the charty's purposes. The ¢harrtls reserves policy is designed tr) reflect the underlying risks facing the charity and to ensure that tt has an appropriate level of resèrves to safeguard its operations and ser￿￿S. This includes contingency for shortfalls in income, covering unexpected expenditure and funding known project deficits where Trustees have identtfied a project as key b) charitable objecti￿. The Trustees have considered the minimum tevel of free reserves that are suffieient to support the charitys 0[￿ratiOnS. Relevant factors indude projected financial perfomiance including ￿sh flow requirements, the extènt to which multl-y&8r grant payments received relate to subsèquent years, expendituie and an assessment of the risks to thè tharivs income streams. Having eonsidered the competilivè fun&raising environment we are currendy in, as well as the inflationary in¢rea8e in costs and salaries, Trustées have detemiined that the required lgvel oflotalreserves (free and designated) is a minimum of £305,000 lan increase on the previous target of £285,000). Designatèd reserves, which are sèt asid8 for the contingency that emergency building r8pairs be￿me necessary to enyu18 that the OFS remains operational, with a particular risk area being the roof oftha building, remain at £50,000. At September 2024, Totsl funds lincluding tangible assètsl.. £343,282 Tangible assets.. £61.997 Fre8 r9s9rv8s.' £231,285 Designated reserves.. £50,0￿) Free and designated reseNes.' £281,285 Target for free and d8signaW.. £305,IX)O Trustees have allowed for 8 sm811 defi¢tt in the LX)ming year due to ongoing pressures from energy costs and other infiationary pressur8s and thgrefore expect reserves to reduce slightly. However, they retain an ambitK)n to reach the target level over the medium temi. The reserves requirementand undedying factors are considered annually, and the minimum resebves requirement is, theréfore, expected to change over time. The Trustées plan to continue to f￿uS on sEeknng extemal funding for core (xjsts, in particular muhi-yèar awards from significant fundeys. In addition, income from individual donors, artistic produthons and commercial activity will be further developed whilst maintaining tight control over expenditure. ARTS AT THE OLD FIRE STATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Risk Twstees have gwen ￿nsideratiOn to the major risks to the c*aTity 18 exposed and satisfied th9TTWlv￿ that Syst￿ or proCedU￿S are eslabThsh8d in order to manage thc6e risks. No system of Intamal contrDI cari give absolute assurance agalnst material mlsststèment cff103s. However. Arts at the Old Fire Ststion bèlièvé$ that it has appropriate procedures and controls to adequatéty mÉbgale againsl TBks to which rt is exFwJ. System$ indude: plans and budgets which are approved by th8 Trustee r9gular o)nsideration by the Trustees of monthly m8nwJement acrthjnts, Varian￿ from ￿dgets. non- finan￿81 perfornance indicators and benchmarking r8Vi8WS In dèpth r6wèw of financaal perfO￿anCe and risk by the Ffjnan￿ 8nd Audit Committee règular rgview of safeguarding policy and practlce • ckjse collatx)ration WTth the landlord head tenant ￿ardIng buikjing maintenance, safety and seojrity idenlification and m8nag•mènt of risk3. The tharivs approach lo risk manayem6nt indud95 the rating of identified risks accordiNJ to thè lik8lih(x)d and Imp8Ct of the risk occurring. Mitsgatlng controls have been Identified and. whwe fvrther action is requlred. deadlinès and resp￿sibilitIeS assigned. Those actiwties with higher risk rdtings are prioribsed. The risk reglstgr k8 rev￿￿￿ at least annualty by the Board olTrustees aThJ more frequenuy by Finance 8ThY Audit Committee. New risks have been add•d to th8 rggist8r in the light of rising energy ￿$ts and ￿Ik11ng dsv*lopm8nts in proxirnty. Increased risks In￿de operational ttjsts such as rent, repairs and maintenance and a t>uilding r8furbk8hgd 12 years ago, as well as tha Incrgasod ￿$t of slaff retention. AJI these continue to be monftor¢d 8n(J mth9ation8 are in FAa¢x. Structurnp govornane• and management ststus Arts at thè Old Flre Ststion is a registered charity (Th). 1140525) and a ¢ompany limTW by guarantee Ino. 73714451 with its eonslitutson- the'memorandum and Articles ofAssoclation'. Tha Trust88s ofArts al the Qld Fire Ststion are responsible for overseeing the rn8nagement and administrat￿ of the dmrity and have ultimate respO￿lbilIty for the chaws advthes. The Trust￿ are also the Directors of the company. The INstees. who are also the threctors for the purpos& of ecAnp8ny law, and w￿? seNed during the yearand up to the dats of $13nalure of the financral statements werg.. J AB8￿￿n C Boon K Colllns V J R Graham D 0'H￿a L H8mwn T D Rossingion H Smith K Valkeinen Re￿gned 27 Sgptembor2024 Rgslgnad 27 Sgptembor 2024 Resigned 27 September 2024 R•*gnad 27 SgPtembgr2024 ARTS AT THE OLD FIRE STATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Dlrectors Arts al the Old Fire Station IAOFS) has a Board ¢)fTrusteos on Ythich there be a minimum of three and a maxirnum of tsyefve TDJstees. They are apF*)fnted c4) the basis of Ihe experbse and experience that Ihey can bring to the running and deveknpmenl ofthe company. N&w Trustsas ar* Klantifigd through both professional aThJ olhèrconlxcts and by adverlisemenL Each year one third of Trustees ￿tIre by rot8tion {th08e long8St semngl but each is abl6 to putthèM$è￿$8 fO￿ard for rfrelection rfthey wish.AOFS Is a sub4en8nt of Crisls in Oxford. Most of the rentsl costs are covered by 8 grantfrom Oxford City Cwncil to Crisis, wilh the remaTnder being shared bett¥aen tha ¢hariti*$ basgd on floowce usage. Crisis and AOFS Provide semces to each otheron a fijll c4)st recovery basis. v￿kY Graham stepped down as Chair ofthe Board in March 2024. and caroli￿ Bo￿, PTevK)usly Vlc&Chatr, w88 appointed as rhew Chair. David Rossington steFved down as Treasurer in SeptembÈr 2024, and 1$ now a c opted member of the Finance and Audii Committee. Heathar Smrth has b8èn appointed as Treasurer. Tho TrustO98 have been ffjCNitsng for membws of Ihe Board. ￿th new oppolntsn&nts expectad to bo mad in March and JLm& 2025. structur• The Board ofTrustees met fourtimes during the year. Day4trday wponsibilty is delegated to paid staff with supwrt from sub committees oflhe Board which indude mèmb8rs. Th959 sub-groups are FInal￿e and Audit Commrftee, Fundraiwng Committee, Equity Equalty DNersity and Indusion Committ88. arKI Creatimty Storytelllng an¢J Comms Committee. Stratsgiclpolicy ￿e￿s1OnS are taken by the Board. The new Chief ExeC9Jt￿e Offi￿r is Clara Vaughan, and the Deputy CEO is Rebec£a Val￿nS. Jeremy Spafford has moved to an Assoaate Director rda. Tha Sanior Manag8ment T8arn wnsists of fwr Heals of Department alongsiyg the ats)ve mentioned. Audltor In a(wdan(* wrfh thg ¢ompanYs arbdes, a resobjtbjn prcyos¢ng that Rtchardsons ￿ reappolnt81188 audltor of the company will b• put at a G4￿r#I Meeling. Tha Irustg•5' rep)rtwas app￿ed bythe Boafd of Trustges. H Smith ￿reasUrer) Trustao Daled. ...l.S....lNI￿ 2dlS ARTS AT THE OLD FIRE STATION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustees. who are also the dlrectoys t)f Arts at the Old Fire sts￿on the purpose of iompany law. are responsible for preparing the Trustees, Rèport and the financial statements In accordan￿ wfth appli￿ble law and Un61ed lfjngdom ACc￿￿ting Standths (United lfjngdom GeneraltyAcceptsd AcLxyJnting Practice Company law requifvs th¢ tN8tees to prepare financial stAtwnents for each financial yearwhich give a Iwe and falr view of the state of affairs of the charita￿e o)mpany and of the in(x)ming resourcEs and applicati￿ of resources. Incl￿ding the income 8xpwditure, of the charitabk company forthat year. In Pr￿ring thes8 fina￿￿1 statgmw)ts, the Iwstses are requThd to: - sew suitable acsjunting poltaes and th8n apptylhem o)nsistenty. - obsetve lh8 methods and principses In th¢ Charities SORP.. - makejudg8ments and estimates that are r8asonable and prudent: - stats wh6th8r applicab￿ UK Accounting Standarrts have teen followed, subiael to any material deparbJr8s disdosed and 8xpf8Ir￿d in the finanaal ststem&nts,' and - prepare the ffinanck41 statements on the gclng 0)n￿M basi$ unless rt is inapproprAta to presurne that tho aiitable company wlll cy)nb"nu8 in operation. Iwstees are responslbk for keeping adequate aoo)untlng re(xJrds t1￿1 disdose vAth reasonèble acrwracy al Any time the financial p0S￿On of th8 charitable crynpany and enabte them to ensure that the flnanclal st*emgnts mply y￿th the Cornpanies Act 2006. They 8re 8150 responsible for safe9uardlng th8 assets of the charitab (xjmpany and hèncè for taknrvJ reasonable steps ft*thg prtrvgntion and detection offraud arKI Olher I￿uLaritieS. ARTS AT THE OLD FIRE STATION INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES OF ARTS AT THE OLD FIRE STATION Opinion We hava audslod tho fill￿(?￿1 statemgnts of Ajts al tho Okl Fire Ststion (the 'thaTitable compan￿) for the year ended 30 Sèptémber 2024 %thid) ￿*￿prIS￿ tha statèmant of fin8nekql 8ebvit*s. Ihe balance sheeL the statement of cash ftows and tv)tes lo the finandal stataments. Induding Sign￿ca￿t accountlng policiès. Tha finanaal rèwjrting framework that has been applied in their preparation is applicab￿ law and United Kingdom Accounting Stsndards. indu¢knng Financkil Reporting Stan¢Jard 102 The Finan￿al Repo￿ng Standard applicable in th& UK and Republic of Irel8nd (United Kingdom GenerallYAC￿Pted Accounting Practicel. In ouropinion, Ihe finanrAal statements.. give a true and fair wew of the state of the charitable company's affairs as at 30 S8Ptomber 2024 and of hs in￿nThng resources and appI￿atron of resources. forthe yearthen ended., have been property prepared in accordanrA vnth UnTted lfjr@d(xn Gengralty A• Ac4￿untIng Practice., and have been prepar&J in a￿OrdanCe with the requirements ofthe CompaniesAc* 2006. Bas1$ for opinion We conducted our audit In a￿ordanCe wilh Intemational Standards on Auditing {UK) IISAS (UKII 8kWlcab L*v. OUT responsibilibes under those standards are fijrther descdljed In the Auditorfs ￿sponSIbl1R1eS forth8 audlt of th8 fInar￿￿1 st8tements sec*on ofour reFth. We are independent ofthe tharitsb￿ company in accordan￿ the athi(xl r8quir&merhts that are rebvant to our audit of thè fin8n(ial statamgnts in the UK including the FRC'S Elhi¢21 Stsndard. and we have fuffil￿d our other ethical responsibilibes in ac(x)rdance wth these requirements. We believe that the audlt e￿dence we have obtalned Is suffldent and approprfate to provkle a basls for ouropinion. Conclusions relating to golng concern In audthng Ihe finanaal statements, we have concluded that the trustees, use of the golng ¢onwn basi$ of counttng in the preparation of the financial statements Is appropriate. Bas8d on the work we have performed, we have not id8ntifjed any material uncertalnUes relating to events or ojnditions thaL indiwdually or collectivety, may ca%t Significant doubt on the charitable companls abilty to continue as a gdng wnc8m for a perfod of at lèast tsvofvè months from vthen th8 finandal ststèmènts 8r& 8uthf*iwl for issue. Our respjnsibilbties and Ihe responsibilrbes of the IMtees resped to going ￿nCern are deSC￿bed in the relewdnt 8ections of this report. Other information The other infomiation comprises the infomiation induded in Ihe annual report other than th• Ilnanaal ststam&nts and our auditorfs report thereon. The trustees are responsible for fhe other infomiation contained wthin the annual report. Our opinion on the finanryal statements does nol cover Ihe other information and we do not express any fomi of assuran¢e ¢ondusion thereon. Our rèsponsibtlty is to ts8d the other infomation 8nd. in doing 30. con8Nler whèthar the Other information is rn3tgrial￿ in¢x)nsist8nt with the finan(ial st*9rn9nts or our knO￿edge obtained in the ¢￿Jr$8 of th8 audit. or 0th8rwrs8 ap￿arS to be materialty misstated. Ifwe identify such material inconsi5t8nc or apForent material mlsstatements, we are required to determine whether this gwes rlse to a materfal mlsstatement in the financial siatements theMSe￿e$. If. based on the work we have perfonned. we concbjde that thern Is rnatwial misstatement of this other infomiation, we are rwuired to report Ihatfact. W8 haye nothing to report in thi8 regard. Matters on which w• arè rnquir•d to Y•port by exception We have nclhing to report in respect of the folknmng rnatters in relation to whith the Charibe8 (Accryjnts and Reports} Regulation8 2008 requires us to report to you if, in our opini¢)n: the inforniaton gNen in the financial statements is incortsistsnt in any material Tespect with the trustees, report., or suffi¢iont accounting rep)rds hm not begn ktrpt.. or Ihe financial statements are not in agreement with the acwunting r0cords', or we have not re￿Ived all the informati¢)n and explanation$ we requir9 for our audiL 10- ARTS AT THE OLD FIRE STATION INDEPENDENT AUDrroR'S REPORT (CONTINUED) TO THE TRUSTEES OF ARTS AT THE OLD FIRE STATION R•sponslbinue8 of trustees As explained more fvlly In the statement of trustees, 1esrxjn￿bllllJe8. the trustees. who we ￿s0 the rfirectors of tha Charitab￿ company for th8 Purpose of cx)mpany Law, ara r8sponsible for the prepBraticw) of the finanThal statemenls gnd for being satisfied that they gNe a tNe and fair view, and for sueh intemal ￿ntrol as th$ Iru5tees delemiine ks nec0$5ary to enable the preparatl¢)n of finaniaal statements that are fr88 from material misstatemenL whelher due to fraud or In preparing the finanLaal statements, the trustees are rèswll5ibb for assessing thè charilab companls 8bility to continue as a golng rffjncgm, disdosing, as applicable. malters ￿￿ted to going concém and using the going tA)n￿rn basis of accounting unless the trustees either int￿d to liquidate the charitable company or to cease operatlons. or have no realtstic altematlve but to do so. AIHlJtorfs responslbll1t1￿ forthe audit of the finanelal stat•ments We have been appointed as auditor undér section 144 of the Charibes Act 2011 and repNt In acL))rdan¢o vAth the Act aThJ relèvant wulations mado or having èffert thgreunder. Our object￿oS ars to obtain reasonable assurBnce about whether the financial statem￿¥ as a whole are fre• from malwial misstatem&n( whether due to fraud or arror. and b i&8ue an auditorfs report th* ir￿ude8 our opinknn. Reasonable assurance is a high level of assuran￿ but is not a guarantee that an audf( ¢x)nducted in accordan wrth ISAS lu￿ will always d8t8d a malerfal misstatement whén tt exists. Misstatements arise from fraud or error and are cons¥Jered material rf. indiwdualty or in the aggregate. thay could reasonab￿ b& expected to infknence th& decisKJns of users taken on the basis of th&8e finarKial statements. The extent to which our proc6duTes are ￿pats1¢ of d&tsctiThJ iwegularities. induding hud, is detailed tel¢￿. A fijther d￿￿￿pIOn of ￿1r r&spon8ibilths is available on tha Financial Reporting CwtxiI'$ w8bsrte aL" hty'.11 ¥h￿v.frC.Qrg.ukJaudrtOrs[eSpOnSibilitl0$. This dox￿p11)n fom)s part of our auditorfs reporL Usg of our r•port Th¢s report Is madè solety to the charl￿$ trustees. as a body. in aC0)rdan￿ wlth Part 4 (rf the CharTbes {Acxounts and Reports) Regulations 2008. Our audit work has be&n undtrrtaken so that we muht stste to the thaNiYs trustees those matteTS we are requSred to stats to them in an auditorfs report and for r￿ other purpose. To the fvllest extent F4rn1itted by law, we do tv)t accept or assume responsblty to anyon8 other than the charfty 8nd the charivs INstèèè as a br*Jy, forour audlt work. forthi$ repwt, orfor the opinions we haw formed. Richardsons 18 March 2025 Chartered Accountants StatutoryAuditor 30 Upper Hlgh Street Oxfordshire OX9 3EZ RKhardsons 1$ glkjiblo for apFKJinlment as aLKlitor of the charitabb ojmpany byvirtue of it8 eltgibiltyfor apontment as auditor of a cornpany under section 1212 of the Companies Act 2006. 11 ARTS AT THE OLD FIRE STATION STATEMENT OF FINANCIAL ACTivrriES INCLUDING INCOME AND EXPENDrruRE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Unre5tsict•d Dèsignat•d R•strlct•d fund¥ funds fvnd$ Total 2024 2023 Income and end&￿ents D￿atiOnS and legaelès Charitable activ￿e8 Other trading 8cllvrfies Investments Olh8r ineo 410.238 3S.022 447,434 8.613 461,764 872.￿2 35.022 447.434 8.613 834.916 12,321 338.378 3,854 167 Totsl incom• 9)1,307 461.764 1.3KJ.071 1,189.636 ndltur• on: Generdting incom8 91,925 167,233 259,158 181.543 ch￿ilable athibes 294,531 1,103,599 969.731 Total rgwurce• exp•nd•d 461.764 1.362.757 1.151.274 Net income for the yearl Nfrt mov•mont In fvnd5 314 314 Fund at 1 October 2023 292,988 342.968 304.606 Fund b8lancgs #t 30 Sèpt•mbgr 2024 293.282 343.282 342.968 The statement offinanrAal aebwtios Indudes all gains and k)sses recY*Jni8ed in Ihe year. Ths statsmont of fin8ndal adviues includes all gains and losses r9cr*jn￿8d in thè ￿r. All It￿￿me aThJ expendthre t1erive from continuing actiwties. The statement of finanaal acbMbes al80 Ixjmplkrys Mth the requlrements for an inC￿Me and expenditure account under the Companies Act 20CKS. 12- ARTS AT THE OLD FIRE STATION BALANCE SHEEr AS AT 30 SEPTEMBER 2024 2024 2023 FIX￿ assèts Tangible assets 14 61,997 77,167 Current a￿ets Stod(s Debtor Cash at bank aThJ In hand 15 16 6.144 144,089 391,067 4,254 80,058 450.424 541.3Th) 514.736 Cr•dli(trfB: wnounts falllng due wlthln on• yaar 17 (260,0151 1248.935} N•t curr•nt assots 281,285 265,801 Total assèts current liabilitios 343.282 342,968 The fvnds of the charttable company Endovmient funds- Building fund unrestri￿ fuThls .0 292,9&8 293,282 343,282 342.968 The company is entiued to the exemption from th8 audit requIrem￿tt c¥)ntalned In section 4TT olthe Companles Act 2006. for the year ended 30 September 2024. The diredor3 acknowl￿ge their ￿Sponsibl1{ties for exjrnptying wilh the requi¥emenls of the Cornpanies Act 2006 y￿h respectto awounting records and the preparatSon of finan(¥al 8tatements. The rnernbers havè not r8quired the o)mpany lo obtain an audtt of ts finan￿81 ststements under the rnquirnments of the CompaniasAcl 2006, for the year in question in accordanc6 séclion 476. These finandal statements havg been prepared In ￿ance wlth th8 promsions appli(3blg to companles subject to the 8mall Companies regime. The finan(i81 statements We￿ approvèd bythè trustees on ! Q.MqrFh 2025 H Smlth ffreasurgr} Company registration numtèr 07371445 (England and Wales) 13 ARTSAT THE OLD FIRE STATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Cash Ilows from operatlng actMtI•s Cash (absorbed byvgenèr3￿ froEll Peratior {51,8841 137,lJ56 Investiry ￿l¥It￿o$ Purchase of tanglbl* flxed assots PrOca￿S from disposal oftangible fixed assets Investment incom& r8c*iv8d (16,286) {31,249} 592 8,613 Ngt ca$h us•d In Inv•stlng aedvltl•s (7,673) (26,803) ca¥h used In flnanclng actlvltl•s N•t (d•er8￿??￿nCYeaS0 In cash and ￿$h •qulvalènts 159.35n 110,253 Cash and cash ￿uiVal•nts at beginning ofyear 450.424 340,171 C￿h and cash •qul¥aknts at ond ofyoar 391,067 450.424 14- ARTS AT THE OLD FIRE STATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 A¢¢ourtlng poll¢lo$ Chartty information Arts al the Old Fire Station is a private company Ilmtted by guarantee IncoryKsrated tn En￿and and Wabs. The registered Offi￿ is 40 George Street, Oxford, OX12AQ. 1.1 A¢¢ountlny ¢onvgntlon The aco)unts have been prepared In accordanc8 wlth thè itharttabb (x)mp8tys M8mor8ndum of Articles, th8 Companies Act 2006 and "Acwunting and Reporting by Charfles.. Ststemènt of Ro¢ommgnded Practice appIl￿ble to Charl￿eS preparing their a(o)unts in accordan￿ wth the Finanaal ReportlThJ Stsndard applitsble in th8 UK and Republic of Ireland IFRS 1021° las amended for accxjuning periods commend from 1 January 20161. The charitable company i8 a Public Benefit Entty as defined by FRS 102. Thè fin8nci81 statèmèrts are PTep8red in sterling, wh•* is the fijnct￿naI currenw of Ihe charitAble cc*npany. Monetary amounts In thasa ffinanaal statèmènts arè rounded to th8 near981 £. The finandal statem&ts have be￿ prep8r8d ￿)der th& hithc81 cost Lxjrwention. The principal ac(xJunting polcies adopted are set out bdow. 12 Golng con¢grn At the time of approving thè finanu81 statemènts. th8 trustg8s have a reasonable eypectation that the c*arilable o)mpany has adequate resources to c£sntinue In operatthal existence for the fo￿Seeable future. Thus the tNstse8 wntinue to adopt the going ojncern ba61s of ￿)UnIng Sn preparlng the finanoal statements. 1J Charltsblg fvnds Unrestricted fijnds are avallabie for use at th¢ dI$￿￿on of th$ trustees In furtheranc• of their ¢haTitabl8 objectives. DeSI￿ated funts eomprise funds vA)th hava bean sét asid8 at thè di$¢xetion of the trustees for specffic purposes. Restricaed funds are subject to SP8ofic crndibons by donors or ￿ant¢)r$ as to how may be Us￿. The purposes and ums oftho restrIC￿ ))JThJs are Get out In the Th)les to th&fln8ndal st8t&mant& 1A kn¢omlng r¥sour¢os Inc￿Me is recogni5￿1 when the charilable o)mpany is legalty entided to it after any perforniancè condiknns havo been m&L the amwnts can be measured reliably, and it is probabfe that income ￿1[ be re￿1ve￿. Cash donaiorts are Tecognised on recelpt. Other donatic*)s a￿ recognlsed once the ¢harIlab￿ company has been notified of the donation, unless perfOrn￿n￿ COnd￿onS require deferral of the amount. Incom8 tax Tecover8ble in rekgtion to donatic*ts receNe(S under Gfft Aid or deeds of covenant is recc¥Jni%ed at ths timè of thg donation. Legacyas are recc¥Jnised on receipt or otherwise rf the charitable L¥Jmpany has been nO￿fied of an imFtndir¥J distribution, th8 amount is knrywn, and receipt is expected. If the a￿U￿t is not known. the legacy Is treated as a contingent 8sseL Tumover is measured at the fair Yalue of the cx)rtsideratB)n re￿Ned or receivable aThJ ￿presents amounts rece￿able for go￿jS and services promded in the nonnal course of business. net of discAwnts. VAT and other Sates rela￿1 tax85. 15- ARTS AT THE OLD FIRE STATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accountlng pollcles IContinu8d) IJ ReSQUT¢eS expond•d LiabIl￿eS are recA)gnlsed as expenditure as $wn 8$ there is legal or constructive obligaJon commitbng charity to the ex4Jenditure. it is probable that a transfer of econornic beneffts will be required in setttement ar the amount of the obligation can be measured reliabty. Expanditur& is 8cu)untsd for on an aczruals basis and h&8 been d&ssrfied under headings that aggregate all cost retat8d to the charity. Where CLJsts can not be direcuy attributed to parlir#Jlar heading they have been allc¥*d to a basis o)nsistent with the usè of resourc85. 1.6 Tangll>ltr ass•ts Tangible fixed 8558ts 8rg inrfially rr￿SU[8d at cost and subsequenty meosured Bt (x)gt or valuation, net of deprecktion and any imp8imwnt bss85. D￿￿atiOn 1$ rwnisod 80 as to write off the ¢xJst or valsjation of assats thw ro9idual values overlheir . useful IN¢$ on the folk)vJlng base3: Leasehold improvements Theatre and shop equipmant Fixtijras and fitbng$ Computers 10% straKJht bw$ 33% straight ￿ne basis 25% stratght Ine basis 33% stravjht Ine ba￿S The gain cf k)ss artslng on the dlsposal of an asset is determin•l as the dIfferen￿ betsveen the sal& pro(wls and the (zrryiThJ valuo of tho awt. and is rocognk%8d in tho stat¢monl of financial acuvitie 1.7 Impalrnwnt of fix￿ ass•ts At ead) reportfing ènd date. the tharitr8blg ¢y)mpany rewew8 the carrying amounts of Sts tsngtbfe assets to detemiine whether there is any iftdicalÉon that ttxjse assets have suffered an irnpairment loss. W any such Indication exists, the reo)verable amwnt of the a￿t Is èslmatad In Ndtrr to determine Ihe exlent of the impainnent loss {rfanyl. 1A Stocks Stocks ars slalsd at the lower of cost and estimated sel￿ng prke lass o)sts to complète and ssll. Cost comprises direct matèriaL% and, vthgre ar4)ll￿ble, direca lats￿r costs and those overhèads that hav8 been In(yJrred in bringing the 8tock8 to their present kjcation and Cond￿On. Items hekj for distrtbubon * no or nomlnal constd8ratiLw) arè mèasurad th8 iowwof replacernent cost and cost. Net rea￿sable value is the eslmated sellng prfca 18s$ all 8sthmatsd Costs of wmpbtion and cthts to t In￿￿ed in rnarkeling. selling and distri￿tion. 1.9 Cash and cash equivalents Cash and cash equivalents Include cash in hand. d8posts held al call with banks, other short-tenn Ilquhj investments wrth original mabjrides of three njjnths or less. and bank ov8rdrafts. Bank overdrafts are shoMI thin borrowings in ￿rrent liabilities. Basiellnan¢lal •5$9ts Basic financial assets, which Indude debtors and cash and bank bal8ncg8. are initially measured at transacbon prKe induding transaction costs and are subsequenuy carried at amorti58d cost uwng the gff9CtNe interest rnettr￿d unless the arrangement (£JnsttsJtes a finandrKJ transacuon. where the transathon 15 measurèd at the present value of the fvture receipts di8¢ounted at a mthet rate of finte￿SL Finan(y81 assets dassffied as r￿N￿ble vrithin one yearare not amorbsed. 16 ARTSAT THE OLD FIRE STATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Ac¢ountlng polleh¥ (Continued) Baslc Ilnancial liabilities Bas￿ finanaal liabilities, including ￿dItorS and bank bans are inrtlalty reeoynised at transaction prfcè unless the arrang8manl ¢on8titutes a financlng trans8ction. where the debt instrumènt is measured at the preserrt value of the firtur8 payments di$c4Junted at a ma*at rats (rf interesL Finanaal lialy1￿￿ d￿lfied as payatle w(thin one year are not amorlised. Dgbt instruments are subsequenty at amortised cosl. u&ng the effectNe int8rast rat• Ththod. Trade creditor8 are obligatiorts to pay for go(xJs or seNces that have baen tyuired in the ordlnary (x)ur8e of operatims from supplw5. Amounts payable s￿ dassif￿d as current liabilities if pay7nenl is du• wthin one year or 1855. W no( they are presènted as norpcurrenl liabilities. Tradè C￿lt01￿ are reojgnlsed ￿n￿bal￿ at transaeoon P￿¢8 and subsequenty measured at amorbsed cost using the effectiv8 interest method. Derecognlllon of finanei•l li•bilities Financial liabilities are dereccxJniséd vthen the Charitab￿ company'$ contractual obligatlons axpirg or are dlscharJr od or ￿ncel￿d. 1.10 Taxatlon The tharlty is an exempt tharrty wilhin the meaning ofsc*edule 3 ofthe Charsbe5Act 2011. 1.11 Employ￿ b•nèfrts The cost ol any unu8ed holiday enodemant is rewrused in the perlod In vthith the employee's Se￿￿ arg r￿1Ved. Termination beneffts arg r8cognised immediately as an 8x￿n$& when the charltablè c￿1panY is demonstrably committed to terniinate Ihè 8mpbyment of an empk)yee orlo prowde teM)inatiC￿ banafits. 1.12 Gov•mM8Tht gran1¥ Govemmenl grants are recogn¥58d at the fair value of th• as591 rgceived or re￿￿8b1& vA*n there is rea¥onable assurance that the grant cMditson8 will be met and the grants will te re￿iVed. A grant that sp￿tfie5 Fwforrnance condth(x)s rets)gni$ed in income when thè p8rformance conditions 8r8 met. Wh$r8 8 grant does not speufy perf0mlar￿ (x)nditions il is recx)gn6sed in in(xxne when the proceèds are recetved or ￿Nable. A grant recaved beforn the recognTtson (￿teria are salr5fi8d is rwnised as a Crftl¢al a¢countlng estlmatos andjudgèments In thè application of the charttabk