2023-03-31-accounts - Hypha Studios

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HYPHA STUDIOS

TRUSTEES REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2023

Charity Reg. No: 1194915

CONTENTS
Charity Information	1-3
Trustees Annual Report	4-10
Independent Examiner Report	11
Statement of Financial Activities	12
Balance Sheet	13
Notes to Accounts	14-16

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CHARITY INFORMATION

The Board of trustees of Hypha Studios are pleased to present their report together with the financial statements of the Charity for the year ended 31st March 2023.

CONSTITUTION

Charitable Incorporated Organisation Constitution Model: The Charity Commission’s ‘Foundation’ model constitution

ADMINISTRATIVE INFORMATION

Registered Charity Number: 1194915 Registered Address: 3rd Floor 86-90 Paul Street, London, EC2A 4NE Bankers: CAF Bank Limited Accountants: Enodel UK Limited t/a i-solve Accounting & HR, 29 Main Road, Romford, Essex, RM1 3DD Solicitors: Greenwoods, 1 Bedford Row, London, WC1R 4BZ Insurers: Weald Insurance, Knighthood House, Imberhorne Ln, East Grinstead, RH19 1LB

TRUSTEES

Juliet Caroline Timms - Appointed 01/06/2023 - (Chair) Simon James Tate - Appointed 01/06/2023 Mark Davy - Appointed 01/06/2023 William Davis - Appointed 23/06/2021 (Resigned 01/06/2023) Joseph Green - Appointed 23/06/2021 (Resigned 01/06/2023) Natasha Marks - Appointed 23/06/2021 (Resigned 31/04/2023) Hannah Travers - Appointed 01/04/2022 Natalie Bone - Appointed 18/03/2022 Sarah Musgrove - Appointed 15/09/22

EMPLOYEES

Camilla Cole - Founder and CEO Will Jennings - Non-Executive Director Aimee Neat - Lead Curator and Artist Manager, recruited January 2023 Anna Gaskell - Artist Manager, resigned January 2023 Mark Cherry - Property Consultant

ADVISORY BOARD

Adam Walker Nicola Blake Mark Davy Jordan Whitewood-Neal Anna Fearon Gordon Seabright Nicholas Stavri Simon Tate

www.hyphastudios.com Twitter @hyphastudios Facebook@hyphastudios LinkedIn Hypha Studios Instagram @hyphastudios

We are supported by Arts Council England

WHY HYPHA STUDIOS ARE HERE:

Hypha Studios is a charity matching creative with empty spaces & regenerating the high street with cultural hubs & events for local communities.

By providing free studios & project space Hypha Studios acts as an incubator for creatives to test new ideas without financial obstacles. The Charity provides opportunities to those who might not be able to access space, support, or visibility. In return for the free space, creatives organise public events, engaging communities, supporting the locality & benefiting the high street.

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TRUSTEES ANNUAL REPORT

The Trustees submit their annual report together with the financial statements of Hypha Studios (the charity) for the year ended 31 March 2023. The Trustees confirm that the annual report and financial statements of the charity comply with current statutory requirements, the requirements of the charity's governing documents and the provisions of the Statement of Recommended Practice (SORP) for charities issued in July 2019.

LEGAL STRUCTURE, GOVERNANCE AND MANAGEMENT

GOVERNING DOCUMENT

Hypha Studios was established as a CIO in July 2021. The company was established under a Memorandum of Association, stating the objects and powers of the charitable company, and is governed and administered in accordance with its Articles of Association.

A trading arm, Hypha Studios LTD, was dissolved as soon as Hypha Studios was awarded its charitable status.

METHOD OF APPOINTMENT OR ELECTION OF DIRECTORS/TRUSTEES

The Board of trustees comprises individuals. Trustees serve for 1 or 2 years and are eligible for re-election. All members of the Board serve in an individual capacity with a duty to support Hypha Studios rather than to act as representatives of a particular interest group.

Trustees are recruited through an open process. Vacancies are advertised widely, with an emphasis on recruiting from a diverse range of backgrounds to meet the organisation’s skills and knowledge needs. Applications are shortlisted by the Nominations Committee, which comprises the Chair, two trustees and the CEO. Following interview of shortlisted candidates, recommendations for appointment are proposed to the full Board for their consideration and approval.

On appointment, trustees receive an induction pack comprising the governing documents, strategic planning documents, corporate policies, and any other relevant materials. They are also provided with up-to-date materials on charity governance, including Charity Commission guidance, the Charity Governance Code. New trustees meet with staff to understand their roles in the organisation and are invited to attend Hypha Studios’ events. Opportunities for Trustee training are provided.

COMMITTEES ESTABLISHMENT AND AUTHORITY

The Governing Document or Constitution of the Charity contains provisions relating to the establishment of committees by the trustees. Each committee shall have such powers and authority as shall be authorised by the trustees, and may fix its own rules and procedures, and adopt its own charter, in each case subject to approval by the trustees. The trustees may abolish any such committee at any time in their sole discretion, and any committee members may resign at any time in writing or be removed by action of a majority of trustees. Any committee to which the trustees delegate any of their powers shall maintain records of its meetings and shall report its actions to the trustees. The trustees shall have the power to rescind any action of any committee, but no such rescission shall have retroactive effect. The trustees shall have the power at any time to fill vacancies in the committees. The trustees may designate one or more trustees as alternate members of any committee who may replace any absent member at any meeting of the committee. To date, no Committees have been established.

OBJECTIVES AND ACTIVITIES

The objects of the CIO are for the benefit of the general public to promote and advance the creative arts in all its forms, in particular but not exclusively by:

a) Fostering and improving public education, interest, and appreciation in all forms of the creative arts. b) Providing a public programme of exhibitions, workshops, performances, and events and encouraging access to the arts for the general public. c) Providing or facilitating access to affordable workspace for the production of creative arts to assist and facilitate artists in their work.

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STRATEGIES FOR ACHIEVING OBJECTIVES

A) The creative(s) that Hypha Studios selects for each space deliver a public programme that is of interest to the local community. This can be a workshop, exhibition, or performance. Wherever possible the Charity will invite a local cultural institution to be part of the selection committee (alongside the trustees) to ensure the selected candidate is most beneficial and interesting to the local community.

B) By working with landlords and councils the Charity places creatives in publicly facing properties which can be in any part of the country, allowing engagement with the arts in areas where there is often very little investment in culture and in spaces which communities are comfortable going into - like former shops. This creates great access for the arts for the general public across Britain, as all the creatives produce events that engage local communities, for free or at low cost.

C) The Charity secures vacant commercial space and matchmake local creatives with it to use for free from short term project space to longer. The Charity does not charge anything for use of the spaces - no utilities, rates or rent.

ACTIVITIES FOR ACHIEVING OBJECTIVES THIS YEAR

A) Collectively, the artists have put on 144 events for the public, including exhibitions, workshops, performances, and portraiture, engaging an estimated 6,169 people (live). Audiences represented a broad mix of ethnicities and were a mix of those new to art (curious, just passing by) and more seasoned art-goers.

B) The Charity has built 10 working relationships with councils, cultural and private partners in these areas, with new ones in the making. The Charity works in shopping centers (Bristol, Reading), high street shops (Stratford, Regent Street, Conduit Street Mayfair, Derby), office blocks (Farringdon) council assets (Suffolk), long term studios (Battersea), arcades (Penrith) and we did our first live in residency (Primrose Hill). These spaces spread across Britain are often in areas without cultural offerings and provide access to the creative arts to the public that did not exist before

C) In the Charity’s 2nd year, we supported 255 individual artists in total with free space and visibility near where they live, saved them thousands on rent, supported them to develop new work and engage the public, and kickstarted or re-invigorated their careers. In terms of representation and broadening engagement: 30% of the artists have had ethnic backgrounds that were not white British.

D) In total we have supported artists with free space of the value of £1.5m.

E) The charity received 30k in unrestricted funding from the Rothschild Foundation.

INDIVIDUAL PROJECTS ACTIVITIES

[place and artist names have been anonymised]

LOCATION A

32 applications received; 3 artists selected to have the space for 3 months. The artists held 10 events, from workshops, to live radio, to music, poetry and ‘artist takeovers’. They engaged over 60 people live per event. A lot of verbal feedback has expressed the lack of arts space in [Location A], and even those currently paying for studio space have expressed the lack of community element provided. The events and artist takeovers we've hosted thus far have already massively broadened our creative network!’ Career impact: the artist(s) are now looking to set up their own CIC as a result of the success of their free residency.

PUBLIC FEEDBACK

‘Members of the public whether specifically attending an event or popping in to see what's going on have expressed excitement that it's "nice to see stuff finally happening in [Location A] again".

LOCATION B

150 applications over a couple of open calls. Supported 26 artists with free space for 19 months in 4 different units. The artists have entirely different practices - some come together to collaborate, and others work with

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their own groups. Events range from rehearsal spaces, performance space, art galleries, artistic tech hubs, community art groups, poetry evenings and spaces. Unit A has 1 artist in Location B has been awarded a scholarship which is due to the experience with the charity. They held numerous book clubs, workshops, and other art exhibitions in the unit The artist in Unit B secured funding to progress the creative activities from a university. There are two groups of artists in Unit C, and they have put down roots in the community and hold weekly rehearsals, performances, and open mic nights in situ. In unit D we have 6 artists that use the space as a studio, 2 creatives that use the space to produce theater events for the local community. Unit D also has 2 sound musicians. There has been a total of 57 events in the 4 units over the course of the year

PUBLIC FEEDBACK

Unit A ‘It has been such a beautiful and very nurturing and creatively inspired evening. Thank you so much dear (Artist A) and everyone who was there"

Unit B A welcoming environment', 'A super fun evening. Can't wait for the next one!', 'The atmosphere was so chill and nice. I feel like I could get up and do something at the next one, and I have no idea what I'd do!''They have done it again with another great night', 'Best open mic I've been to in a while. Such a good vibe.' 'Hilarious show’, ‘A great evening and a great show’, ‘What a talented bunch'

Unit C "This was brilliant, really unique and loads of fun." "It's lovely to have space and time to create alongside my children." "I like all the paintsticks you have!" "I really enjoyed making badges for all my friends." "I liked using the pastels today. We mixed them up together to make new colours."

ARTIST FEEDBACK

Unit A “We have had unanimous positive responses from the workshops, and some of our engagement and other projects have benefitted as people pick up flyers for our other offers when they are at the workshops”. “I have been using the space for painting and I have started a series about the female experience. The space has been very useful for bringing the community together, both the artists in the unit but also bringing in members of the public” “It has been so wonderful to have a dedicated space to work! I find it so much easier to concentrate, and it's great for my mental health feeling like 'I'm going to work'!! I feel like the space holds so much potential for public involvement and community building. The space has been fantastic for the small events I have held and I am not sure how my art group could have facilitated these meetings without this space.

Unit B “The event went so well. We had an array of different acts, with everyone performing and watching engaged and feeling comfortable in the space we created. The format we have created of how to set up the event, getting the audience in and putting on the event gets smoother every time we do it and are excited for the next one”

Unit C “It was great for our first improv show. Had a great audience - a sellout show! Everyone had a great time and we managed to get everyone in and out of the venue in good time. The audience wants more events, so the plan is to do them monthly ""We believe we are achieving our proposed project of using the space as a rehearsal room and developing our shows. We have achieved success in several aspects of public engagement, such as our bi-monthly open mic nights, theatre work-in-progress nights and seasonal public events”

Unit D “In our professional (audio industry) circles we have received a lot of interest in the project and positive feedback on the work done to date. We have reached out for feedback and advice to other industry professionals and the public that have been complimentary ""Being given a dedicated space for our practice has been helpful in sustaining and expanding collaboration with other industry professionals. We valued relationships with many of the artists we have met through the residency, which has been positive on a personal and professional level. We have really enjoyed the somewhat challenging aspect of building a space from scratch and shaping our own creative studio with a low impact approach, using recycled materials or sourced from the local community”

LOCATION C

49 applications, selecting 3 different units, supporting 3 individual artists with free space for 19 months. Each creative has a totally different area of practice and they have built a community in the time they have been there. Practices are becoming sustainable to do the free space and income creation becoming fiscally independent. The creatives in situ have brought in more community groups and engaged with local primary schools

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PUBLIC FEEDBACK

“Yes, I find people are very pleased to find original art in [Location C]. I have been told by some that there should be more artists visible in towns and they love the idea.

ARTIST FEEDBACK

“I feel very fortunate that I still have use of the Studio Space. I am able to switch off and think through ideas - a dedicated space without distraction -which I have if working at home. In the time I have been here, I have improved my profile, have also had many visitors - and new customers who come back every few months. It has been a very rewarding experience.

LOCATION D

111 applications, 2 month residency, supporting 8 individual artists with accommodation and studios. The artists came from all over the UK and during their time they formed real bonds. The artists held 3 live events and open studios. Our activities alleviated costs of living as well as studio practices. Bringing in artists to the capital created career opportunities and networking. The selected artists have gone on to form a collective, curating shows and their work will be included in a group show in the future.

ARTIST FEEDBACK

“The residency was a incredible experience, for myself it gave me the ability to make art in London properly for the first time, it allowed me to experiment with my practice and meet new people in the art world, being close to so many artists, so responses to work is frequent, working with a artist in the same space, which allowed to develop professional and personal relationships further, being able to see how other people navigate the art world was incredibly helpful. And being able to be in London for so long so to engage with the art community was really helpful”

“My time at the residency I found to be extremely inspiring and productive, and it came at a time when I really needed it most due to the cost-of-living crisis. I met a great group of fellow artists and made some new discoveries within my work in my new studio”.

“The live-in residency was a really wonderful opportunity to have a studio space to develop new work, especially in a newer discipline for me, sculpture, which requires a larger studio space than I had at the time. The central location of the residency was excellent, and I was really able to take advantage of all that London offers in terms of galleries and art. I gained so much from working alongside the seven other talented emerging artists, and really developed my understanding of the different media they use in their practices. In addition, I attended several private views and exhibitions, and was introduced to new contemporary galleries, spaces, and artists in London to which I otherwise wouldn't have had the opportunity. Hypha were really organised and supportive throughout. They also shared our work consistently online and supported us by increasing our work profile with social media postings and comments. Thank you!”

LOCATION E

186 applications, selecting 3 artists groups, allowing us to support 35 individual artists to take a 6-month residency. There were 17 events in the spaces and each of the opening events attracted crowds of 500- 600 at a time. An online engagement of 15000. 1 group of artists received press, and another received Arts Council support. This site has now been extended for another 6 months

Warm up show: while running the open call for this site the charity decided to showcase some of the creatives the charity had previously worked with over the course of 2 years. There were 550 attendees for the opening night, featuring 26 individual artists. The feedback included; “such a great use of the space” “we loved the range of artists that are part of the show”. There were 2 other public programme presentations during the exhibition period which ran for 15 days.

First exhibition ran for 2 months and had 3 participating artists. There were 325 people that attended the opening and there were multiple performances and events that ran throughout the duration of the exhibition. Press achieved in art publications, reviewing the content which was highly regarded.

Second exhibition had 9 participating artists, and the opening event had 400 people attending, with 700 people attending during the month-long show. They had 2 public events as part of their programme. Quotes in response to the public programme from the artists involved: The works and mode of installation were extremely praised. The fact that the artists came from different disciplines and backgrounds was of great interest to the audience. Also, each artist managed to address groups and individuals belonging to various parts of society. The

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exhibition felt very inclusive, thanks to the involvement and collaboration of emerging professional artists. Attendees really enjoyed the Opening and Closing events. Finding the show, a good mix of various art and crafts, including contemporary bodies of work with more classical ones. The Opening event, in particular, reflected our intention to open up to a wider audience and allowed people to explore art in a more celebratory and engaging way.

Third exhibition had 23 artists in the group show with 2-4 workshop practitioners. It was a very successful opening event with 550 people attending from the public, both regular art audiences and new audiences. There were 8 events for the public during the 3 week exhibition period and in all, we had 2395 individual people attend.

PUBLIC FEEDBACK

“The works and mode of installation were extremely praised. The fact that the artists came from different disciplines and backgrounds was of great interest to the audience. Also, each artist managed to address groups and individuals belonging to various parts of society. The exhibition felt very inclusive, thanks to the involvement and collaboration of emerging professional artists.”

ARTIST FEEDBACK

“Attendees really enjoyed the Opening and Closing events. Finding the show a good mix of various art and crafts, including contemporary bodies of work with more classical ones. The Opening event, in particular, reflected our intention to open up to a wider audience and allowed people to explore art in a more celebratory and engaging way”

LOCATION F

Major partnership in a prominent position with lots of footfall. 14 creatives selected and mentored on how to generate income from their art. Very high attendance, online engagement of 20000, many artworks sold, 25 events throughout the 2 month period.

LOCATION G

196 applications, 5 artist groups selected, 146 individual artists participated in a free space over 6 months. As the space is so large we divided the space in two, so we had two exhibitions at the same time. This site has now been extended for another 6 months

First exhibition:

Part A had 48 artists from an arts university, and they held 6 events for the local community. They had 1240 visitors throughout the duration and approximately 50 attendees for each event, coming to 300 people. Quote from someone attending the events: "The performances were all fantastic!"

Part B had 19 artists in the group, and they held 2 events aside from the opening reception (which brought 650 new visitors to the area). They had approximately 60 attendees on a daily basis, coming to 1860 over the duration of the exhibition period. Quotes from the workshops including: ‘That was brilliant fun, the kids had a ball’ The workshop for children had 63 attendees and it inspired them to continue crafts at home and some said they will be recreating the workshop for a birthday party.

Second exhibition:

Part A had 27 artists included from a local arts organisation and they will hold 4 separate events throughout the duration of the show Part B received funding for their exhibition and consisted of 11 artists from the immediate area. They plan to do 4 events. The private view for both events totalled a number of 2439 new attendees.

Third exhibition:

Will consist of a well known artist group working together with some professional curators to bring in artists to create large scale sculpture installations. This will take us until July at which point we will launch another open call as this site has now been extended for another 6 months so we will have another 3 exhibitions in the spaces.

PUBLIC FEEDBACK

Part 1:'A welcoming environment' 'A super fun evening. Can't wait for the next one!' 'Flipping (pancakes) brilliant!' 'The atmosphere was so chill and nice. I feel like I could get up and do something at the next one, and I have no idea what I'd do!' 'Best events I've been to in a while. Such a good vibe.'

Part 2: ‘We are so happy to have our sword souvenir to hang on our at wall’ ‘That was brilliant fun, the kids had a ball’ Son to dad ‘Why did you make such a boring

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sword?’ The sword making workshop had a big attendance and the attendees were inspired to continue crafts at home and some said they will being recreating the workshop for a birthday party.

ARTIST FEEDBACK

“The events went so well. We had an array of different activities, with everyone performing and watching engaged and feeling comfortable in the space we created. The format we have created of how to set up the event, getting the audience in and putting on the event gets smoother every time we do it and are excited for the next one”

“The space was spacious which gave us plenty of room to experiment with the curation and gave the artists have the opportunity to display large work they couldn't show before. It was in a great location which meant we had a large footfall”

LOCATION H

120 applications, 4 artists selected for 3 units to be used as free long term studio spaces for a year, maybe more. 2 public engagement events, the use of the unit has enabled preparation for international exhibitions. Unit A has one artist that uses the studio as a makerspace and prepares for international exhibitions, the creative was able to secure funding as a result of the free studio that has positively impacted their practice and was able to get studio assistants and pay for materials as a direct result. To date there have been 2 events in the studio with approximately 43 attendees. These spaces are primarily working spaces with less public engagement Unit B has one artist from the local area that uses the space to make work and research. Unit C has 2 creatives that use the space to prepare for institutional exhibitions, making large scale work. They have also done 4 workshops for younger audiences in their studio spaces.

PUBLIC FEEDBACK:

I loved meeting the wide range of (mainly young) people that attended." "I found myself explaining (Artist A) art to those attending. Artist A was kind enough to compliment my explanation. I also visited the art display adjacent to Artist A studio and was fascinated by it." "Given the event was held on a freezing cold evening and around 60 attended, that was pretty good. I thought the warm punch for guests was inspired". "I was excited to come to an art event which was being staged by a number of different artists." "It was fascinating to see how on the night different people met and discussed the art on display and their background understanding of art". "So great to meet you :) It was such a lovely evening" "Has been great meeting the residents and know new people and friends' groups through them" "Looking forward to seeing your future events with Hypha" "Loved to move in the different spaces and discover different artists' worlds"

ARTIST FEEDBACK:

Unit 1 “The event took the form of an open studio evening. It was very interesting to gather feedback about my work from people seeing it during the process of making it at the studio, rather than viewing a finished piece in a gallery space. It felt engaging and accessible. As my work explores the local history of the area, I was very happy to see local residents come into the event and engage with it, seeing it as an opportunity to ask questions about how they're receiving the work. The attendees seemed to have enjoyed seeing a variety of mediums involved between the three artists showing our work and chatting to the artists and other members of the audience about it. There was a good conversation going in the place from the people from different backgrounds who were there”

Unit 2 “I am extremely satisfied with how my residence at Hypha is developing. Through my first months at Hypha, my practice has greatly developed. I have increased my public base, sales, and international presence. Furthermore, I am now working with a studio assistant and two interns. My planned activities are proceeding well, and the studio has been a pivotal, unique platform to develop new work. Having a studio with Hypha in London is an absolutely fantastic opportunity and I am looking forward to continuing my residency and producing the best work possible. This studio is my temple, my home, and the space where I spend most of my life. I honestly cannot imagine how my practice could exist without it”

Unit 3 “We are very grateful for this opportunity which has made it even more exciting and inspiring than ever to work together. We were previously working from home, and on our laptops in cafes to plan, produce and create set designs, film and exhibitions. The change to our practice by having a space to come to, to expand, grow and be creative has been transformational. Especially at a time of a cost of living crisis, when our rents have gone up significantly, we would not have been able to have a studio at all. We have now been able to invest properly in our practice and process, and love coming to the space together. We are excited to keep making and look forward to sharing the results with a new and growing community.

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LOCATION I

We were recruited by the local council to help occupy a small commercial space and studio space in the same building on the high street. We only assisted with the open call and secured 35 applications. There was a good level of quality of applications which proves the model works in smaller populated areas. We will oversee, have managed websites, and ensure the partnership works with the local community.

AWARDS & PANELS

AWARDS: Acquisition International - Hypha Studios was awarded the Most Community-Focused Creative Initiative 2023 - UK in the Non-profit Organisation Awards 2023.

PANEL 1) Property Xchange is a network and platform focused on the recovery of London’s high streets, launched by the Mayor of London together with nine other founding partners in July last year. For this exchange, we are bringing together Camilla Cole, founder of Hypha Studios, cultural partner Eliza Bonham Carter, artist Anna Fearon, and property partner Nicola Blake.

PANEL 2) UKAA Expo with This is Fresh. Part of the panel for Meanwhile strategy: How to unlock value from vacant spaces on a development and the benefits of doing so. The plan is to cover both the commercial and social value of meanwhile spaces.

MONITORING AND EVALUATION

The Charity is monitoring its impact to:

understand the different geographical and cultural contexts the Charity works in
understand the need (volume of applicants) for free workspace and the significance of free space to artists (application question: ‘what would having a Hypha Studio mean for your practice, and remain organisationally self-aware’)
celebrate and report on artists’ achievements, public engagement, and artists’ career impact
learn what is working well and grow the organisation responsively

The Charity gathers baseline data from application and onboarding forms, residency-specific data from surveys sent to the artists at middle and end of their placements (end only if the residency is under 4 weeks), audience feedback via placed creatives, and qualitative and anecdotal data from artists and audiences via interviews and regular communications. Data is collected via conversations, emails, forms, and surveys, and summarised verbally (as above), and in basic infographics.. The Charity is transparent about its data collection purposes. community.

RISK MANAGEMENT

The trustees meet regularly to review the financial position and to ensure that effective management and controls are in place. The trustees have assessed the major risks to which Hypha Studios is exposed. In particular, these relate to securing sufficient number of new sites, securing sufficient remuneration for existing and new staff, financial sustainability, and external contractors’ compliance with the Charity’s Service Agreements.

The Board of trustees review the charity’s risk register (established June 2022) quarterly where there are changes, and otherwise annually. Attending to all risk categories (governance, operational, financial, external), they monitor risk status (probability and impact) and take action to manage each risk as appropriate.

The trustees and leadership ensure that Hypha Studios’ operations are protected against significant risk through annual monitoring, action planning and risk assessment procedures. Hypha Studios has Public Liability Insurance cover of up to £10m and a reserves policy that includes a continuation fund of 6 months operating costs. The Board is satisfied that systems are in place to mitigate, or control where possible, Hypha Studios’ exposure to the risks mentioned above.

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EXECUTIVE TEAM

The Board appoints a CEO to shape Hypha Studios strategic direction and lead the organisation. The CEO formally reports on progress to the full Board every quarter. The Fundraising Manager Anna Gaskell stepped down in January to pursue a career in a different industry, and after 700 applications for the new Artist Manager Role, we have brought in a new member of staff whose role is to supervise the installation of the exhibitions the charity produces and create review structures for the artists.

The CEO recognised the need to focus on fundraising so after the initial Rothschild Grant of £30k, the CEO asked for another grant of 15k to recruit a part time fundraiser.

GRANT MAKING POLICIES

Currently Hypha Studios does not give grants. Should this change in the future a Grant Policy must be approved by the trustees before any funds are granted.

VOLUNTEERS

The artists we work with give their expertise and time to help Hypha Studios fulfill their charities purposes.

FINANCIAL RESILIENCE AND FUNDRAISING PERFORMANCE

Financial performance:

There has been a reduction of £8,726 in reserves in the year. This is mostly due to increased number of projects across multiple sites in the year which saw an increase in charitable activities spending of £57,711.

Income from contribution towards art projects amounted to £57,057 during the year, this is more than double the figure for the previous year of £18,874. This offset a 28% fall in Grants and donations in the year. The charity has benefitted from an increased number of sites secured in the year, and a full year of no pandemic restrictions.

Restricted funds have been fully utilised at the end of the period, but the charity retained £13,600 of unrestricted reserves. This exceeds the reserves target of £13,000 set by the trustees.

Through careful financial management, cost control and early stage fundraising performance, the Charity managed risk by minimising costs and eliminating non-essential expenditure, and the Charity grew from one full time member of staff to include an additional two part time staff members. The Charity now needs to build up its reserves, which will be £13,000 (see Reserves Policy below). The Charity does not pay for offices so the charity’s main expenditures are staffing, administration and money for the public programmes.

In order to scale the work of the Charity and become increasingly financially resilient, the Charity is applying to has applied for another grant from the Rothschild Foundation to recruit a fundraising position to increase capacity, productivity, and income.

RESERVES POLICY

Reserves are intended to cover:

Essential activities whilst sourcing income to a maximum of six months budgeted activity.
The costs of dissolution should the charity be unable to continue. It is only to be used in the event of the trustees’ deciding the charity should cease to exist. It will be used to pay notice periods, redundancies, and the expenses of running Hypha Studios until closure of the organisation.

Reserves Target:


1. Essential activities for six months	£12,000
2. Organisation dissolution costs	£1,000

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Notes:

Dissolution costs on 24[th] May 2022 are set at £1,000 to cover legal fees and other contingency fees of the process. Notice periods and redundancy costs are not included due to all staff working on a voluntary basis without contracts.

Annual review of Reserves Policy

Due to the nature of the organisation and the regular review of income and expenditure, this policy should be reviewed on an annual basis to ensure:

The costs of essential activities for six months continue to reflect actual operating costs as observed in the annual accounts.
The dissolution costs continue to match staffing levels.

Policy dated 24[th] May 2022

Review date: June Quarterly meeting, 2023.

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TRUSTEES' RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and regulations.

The Charities Act requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing these financial statements, the trustees are required to:

a) Select suitable accounting policies and apply them consistently;
b) Make judgments and estimates that are reasonable and prudent;
c) State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements.
d) Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking any reasonable steps for the prevention and detection of fraud and other irregularities.

Approval

This report was approved by the Board of Trustees and signed on their behalf by:

Signature:

Name: Juliet Timms

Position: Chair

Date: 26/07/2023

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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HYPHA STUDIOS

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023, which are set out on pages 15 to 20.

RESPONSIBILITIES AND BASIS OF REPORT

As the charity’s trustees of the Company (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).

Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination, I have followed the Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act.

INDEPENDENT EXAMINER'S STATEMENT

I have completed my examination and can confirm that no material matters have come to my attention, which gives me cause to believe that:

accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
the accounts do not accord with such records; or
the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or
the accounts have not been prepared in accordance with the Charities SORP (FRS102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Olusiji Odeleye Director

Enodel UK Ltd t/a i-solve Accounting & HR 29 Main Road Romford Essex RM1 3DD

25 July 2023

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HYPHA STUDIOS

BALANCE SHEET as at 31 March 2023

£ 16,558 5,947	£ 15,949 8,978	2022 £ -
		- 22,327
22,504 (8,905)	24,927 (2,600)

		22,327
		13,622 8,705
		22,327

a) For the year ending 31 March 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

b) The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

c) The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved by the Trustees and Signed on their behalf:

Signature: Name: Juliet Timms Date: Thursday, 6 July 2023

HYPHA STUDIOS

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 March 2023

Unrestricted funds Notes 2023 £ INCOMING RESOURCES Grants & Donations 30,000 Charitable activities 54,666 Other Income 59 TOTAL INCOMING RESOURCES 2 84,725 RESOURCES EXPENDED Governance & support cost 3 5,173 Charitable activities: Fostering & improving public education, interest and appreciation in all forms of the creative arts 4 1,809 Provision of public programme & encouraging access to arts for the general public 5 64,982 Provision & facilitating of access to affordable workspace & assisting artists 6 12,783 TOTAL RESOURCES EXPENDED 84,747 NET INCOMING / (OUTGOING) RESOURCES FOR THE YEAR (22) TOTAL FUNDS AT 1 APRIL 2022 13,622 Transfer between funds - TOTAL FUNDS AS AT 31 MARCH 2023 13,600	Restricted funds 2023 £ 3,817 - - 3,817 - - - 12,522 12,522 (8,705) 8,705 - -	*Total* *2023* £ 33,817 54,666 59 88,542 5,173 1,809 64,982 25,306 97,269 (8,727) 22,327 - 13,600	Total 2022 £ 43,011 18,874 -
			61,885
			5,252 6,203 16,097 12,006
			39,558
			22,327
			- -
			22,327

HYPHA STUDIOS

NOTES TO THE ACCOUNTS

For the year ended 31 March 2023

ACCOUNTING POLICIES

1.1 Basis of preparation of financial statements

The accounts have been prepared in accordance with Financial Reporting Standard 102 (FRS 102), "The Financial Reporting Standard applicable in the UK and Republic of Ireland." The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP), for charities issued in July 2019 and applicable accounting standards.

1.2 Fund Accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds, which are to be used in accordance with specific restrictions imposed by donors, which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

1.3 Incoming Resources

These are recognised in full in the Statement of Financial Activities in the period in which they are received. Included are income from contribution towards art projects, donations, grant funding and interest received during the year from investments, accounted for as restricted or unrestricted-funds.

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

(i) Charitable activities

This comprises all costs incurred by the charity in the delivery of its activities and services for its beneficiaries.

(ii) Governance & Support costs

This comprises all costs incurred by the charity in support of the service delivery.

1.5 Debtors

Trade and other debtors are recognised at the settlement amount due.

1.6 Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.7 Creditors & Provisions

"Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due."

HYPHA STUDIOS

NOTES TO THE ACCOUNTS

For the year ended 31 March 2023

2. DONATIONS

Grants & Donations CHARITABLE ACTIVITIES Contributions towards Art projects OTHER INCOME Bank Interest and other sundry income GOVERNANCE & SUPPORT COST Accountancy Fees Insurance Misc Expenses Office Admin Repairs, maintenance & renewals Bank Charges Travel & Subsistence	Unrestricted funds 2023 £ 30,000 30,000 Unrestricted funds 2023 £ 54,666 54,666 Unrestricted funds 2023 £ 59 59 Unrestricted funds 2023 £ 950 1,711 - 2,048 392 72 - 5,173	Restricted funds 2023 £ 3,817 3,817 Restricted funds 2023 £ - - Restricted funds 2023 £ - - Restricted funds 2023 £ - - - - - - - -	*Total* *2023* £ 33,817 33,817 *Total* *2023* £ 54,666 54,666 *Total* *2023* £ 59 59 *Total* *2023* £ 950 1,711 - 2,048 392 72 - 5,173	Total 2022 £ 43,011
				43,011
				Total 2022 £ 18,874
				18,874
				Total 2022 £ -
				-
				Total 2022 £ 1,800 1,694 688 879 - 40 151
				5,252

3. GOVERNANCE & SUPPORT COST

HYPHA STUDIOS

NOTES TO THE ACCOUNTS

For the year ended 31 March 2023

4. Fostering & improving public education, interest and appreciation in all forms of the creative arts:

Unrestricted funds 2023 £ Marketing & PR 1,809 1,809	Restricted funds 2023 £ - -	*Total* *2023* £ 1,809 1,809	2022 £ 6,203
			6,203

5. Provision & facilitating of access to affordable workspace & assisting artists:

Unrestricted funds 2023 £ Consultancy 42,246 Rates 16,451 Legal & other professional fees 6,285 64,982	Restricted funds 2023 £ - - - -	*Total* *2023* £ 42,246 16,451 6,285 64,982	2022 £ 14,237 - 1,860
			16,097

6. Provision of public programme & encouraging access to arts for the general public:

	Unrestricted	Restricted
	funds	funds	*Total*
	2023	2023	*2023*	2022
	£	£	£	£
Public Programme days (Event costs)	12,783	12,522	25,306	12,006

HYPHA STUDIOS

NOTES TO THE ACCOUNTS

For the year ended 31 March 2023

7 DEBTORS *2023* £ Accrued Income 16,558 ~~16,558~~ 8 CREDITORS - due within one year *2023* £ Accruals 7,405 Other Creditors 1,500 ~~8,905~~ 9 RESTRICTED FUNDS	*2022* £ 15,949
	~~15,949~~
	*2022* £ 900 1,700
	~~2,600~~

RESTRICTED FUNDS
Arts Council England	Movement in funds Expenditure, Balance at Incoming gains, losses Friday, 1 April 2022 Designations Released £ £ £ 8,705 3,817 (12,522) 8,705 3,817 (12,522)	Balance at Friday, 31 March 2023 £ -
		-