Docusign Envelope ID: E2A4FF8D-5015-4C8B-90B1-F5EBEA2F1EAF ## **HYPHA STUDIOS** TRUSTEES REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 Charity Reg. No: 1194915 Docusign Envelope ID: E2A4FF8D-5015-4C8B-90B1-F5EBEA2F1EAF ## **CONTENTS** Charity Information 3 Trustees Annual Report 4-11 Independent Examiner Report 12 Statement of Financial Activities 13 Balance Sheet 14 Notes to Accounts 15-18 2 Docusign Envelope ID: E2A4FF8D-5015-4C8B-90B1-F5EBEA2F1EAF ## **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 2024. ## **CONSTITUTION** Charitable Incorporated Organisation Constitution Model: The Charity Commission’s ‘Foundation’ model constitution ## **ADMINISTRATIVE INFORMATION** Registered Charity Number: 1194915 Registered Address: Unit 3, Euston Tower, 286 Euston Road, London, NW1 3AS Bankers: CAF Bank Limited (restricted funds account) & Coop Business Banking (unrestricted funds account) Accountants: Enodel UK Limited t/a i-solve Accounting & HR, 29 Main Road, Romford, Essex, RM1 3DD Solicitors: Russell- Cooke, 8 Bedford Row, London WC1R 4BX 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 Hannah Travers - Appointed 01/04/2022 ## **EMPLOYEES** Camilla Cole - CEO Viola Koc - Artist Manager Will Jennings - Non Exec Director www.hyphastudios.com Twitter @hyphastudios Facebook@hyphastudios LinkedIn Hypha Studios Instagram @hyphastudios We are supported by Arts Council England, Rothschild Foundation, Foyle Foundation and We Make Camden ## **WHY HYPHA STUDIOS ARE HERE:** Hypha Studios is a charity matching creatives 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. 3 Docusign Envelope ID: E2A4FF8D-5015-4C8B-90B1-F5EBEA2F1EAF ## **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 2024. The Trustees confirm that the annual report and financial statements of the 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 according to its Articles of Association. ## **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. 4 Docusign Envelope ID: E2A4FF8D-5015-4C8B-90B1-F5EBEA2F1EAF ## **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. ## **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. 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 matchmakes 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) Number of events: 283 - B) Number of locations we currently work in: 10 - C) Number of hubs created - free studios or galleries: 18 - D) How many individual artists are supported with free making or displaying space: 724 - E) Estimated in person attendance: 17890 - F) Estimated online attendance: 1205875 ## **ACTIVITIES AND OBJECTIVES LAST YEAR** - G) Number of events: 124 - H) Number of locations we worked in: 7 - I) Number of hubs created - free studios or galleries: 22 - J) How many individual artists are supported with free making or displaying space: 190 - K) Estimated in person attendance: 8,569 - L) Estimated online attendance: 402,736 ## **INDIVIDUAL PROJECTS ACTIVITIES** LOCATION 1 103 events > 298 artists support with free/displaying space 5 Docusign Envelope ID: E2A4FF8D-5015-4C8B-90B1-F5EBEA2F1EAF 9736 estimated in person audience 432100 estimate online audience “This exhibition is so diverse and I am honoured to be able to show with so many artists in different artistic mediums.” ”It was an incredible experience, and I appreciate all the effort that went into organizing such a successful exhibition, with two amazing curators and with Hypha Studios. Thank you once again for this wonderful opportunity. I look forward to the possibility of collaborating again in the future.“ “The show was a little surprise. The place was big enough to give the talented artists space showing their work and also give the audience enough area to enjoy and feel the artworks individually.” “I want to thank you for being so excellent and handling everything and doing so in a calm and supportive way. The exhibition at Hypha has been a fantastic experience and opportunity. It helped me turn a corner in my practice, it means a lot to have accomplished what we did. We ran so many wonderful workshops and shared so many profound experiences with people. I feel relieved, fulfilled, happy, inspired and excited about what’s next.” ## LOCATION 2 37 events 97 artists support with free/displaying space 2847 estimated in person audience 93727 estimate online audience “Hypha were lovely to liaise with and I really was happy how quickly Camilla responded to my questions. It was so easy and efficient working with her and the team.” “Super interesting wished you guys did more” “Super cool gallery and show!” “The space was incredible, the location was great, the starter pack for curating was so very helpful.” ## LOCATION 3 4 events 5 artists support with free/displaying space 81 estimated in person audience 12113 estimate online audience “I feel settled in my weekly routine in the studio and have established meaningful relationships in the local community, thanks to the studio not only acting as my working space but also a place to meet with people who have been informing my work. “In the last year, I built a creative home in my Hypha Studios which is open to the local community and is vital in my day-to-day development as an artist.” “Each week is different for us, and the flexibility of the studio enables us to continue to visualise, research and create everything at the same time. We never had this opportunity before and it is continuously deepening, strengthening and expanding our practice.” ## LOCATION 4 29 events 164 artists support with free/displaying space 718 estimated in person audience 6 Docusign Envelope ID: E2A4FF8D-5015-4C8B-90B1-F5EBEA2F1EAF 62997 estimate online audience “It’s great to see a space being used for artists and the community - we need more permanent spaces like this!” “We enjoyed having a physical space to explore and experiment. Having autonomy with our artwork and being able to engage with the community. Our audience said the space radiated a sense of acceptance that was welcoming as an arts space. People told us that it didn’t feel overly formal. We were really pleased with Hypha’s communication and how they added our experience as a whole.” “We left feeling like we forged new friendships through this easy- going, easily financially and geographically accessible community space. Thank you so much!” ## LOCATION 5 10 events 21 artists support with free/displaying space 205 estimated in person audience 83751 estimate online audience “The response to the company's use of the space has been immense. People who come to the space for their events and youth theatre parents always comment how great it is that they use the space in such a creative way. There are talks of possibly being able to take the Improv show elsewhere in the area and further.” “We have had a great response from IRL audiences regarding the space. Our audiences often comment on how 'lovely' the space is and how we have created a 'warm and caring intimate atmosphere'. Outside of the space, other theatre makers that know us often praise us for the work that we are doing with the space, and think that us working with Hypha is really cool.” “Being able to have the space to use for our base is amazing.” ## LOCATION 6 37 events 31 artists support with free/displaying space 591 estimated in person audience 112937 estimate online audience “Being able to put together this show and let people see my work has been a major step for me. My confidence has grown. Thank you!” “This has been the push I needed to take the next steps in my career as an artist.” “Excellent space! Thank you so much for what you are doing for art here. Very impressive!” “Having the Hypha Studios space has been an immense help for my practice as the space has meant I am able to continue, without it, it would have not been possible for me to continue after university. Opportunities have popped up with teaching and studio visits for me through the space, which has been great.” “The studio space is invaluable to me; without it, I wouldn’t have been able to afford a space to work. Having the studio available free of charge has been a godsend.” “I appreciate the big space to work in the town centre. It’s so easy to access and it’s safe. I have made new connections with people I can work with in the future.” LOCATION 7 21 events 38 artists support with free/displaying space 1608 estimated in person audience 7 Docusign Envelope ID: E2A4FF8D-5015-4C8B-90B1-F5EBEA2F1EAF 147911 estimate online audience “Working with Camilla from Hypha Studios has been a pleasure from day one and her supportive and professional attitude helped us very much to achieve a lot from this project.” “The location of the space was great, it’s proximity to the station made it an easy place to reach. We wouldn’t change anything. Hypha’s support was great!” “A fun and engaging workshop, the kids loved it.” “We were overwhelmed by the positive feedbacks we received regarding art works and curation of the show from our audience and attendees.” ## LOCATION 8 3 events 32 artists support with free/displaying space 106 estimated in person audience 15621 estimate online audience Not yet recorded ## LOCATION 9 5 events 35 artists support with free/displaying space 1998 estimated in person audience 135718 estimate online audience “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.” “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.” LOCATION 10 5 events 3 artists support with free/displaying space Before in person audience was recorded Before online audience was recorded Before quotes from the public/artists involved were recorded 8 Docusign Envelope ID: E2A4FF8D-5015-4C8B-90B1-F5EBEA2F1EAF ## **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’) **.** ● 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. ## **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) annually 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. ## **EXECUTIVE TEAM** The CEO shapes Hypha Studios strategic direction and leads the organisation. The CEO formally reports on progress to the full Board every Quarter. With the money granted to the charity from the Rothschild Foundation, the CEO was able to enlist a Development Manager that worked at the charity for 6 months and in that time created a strategy and a pipeline for delivery. The CEO works closely with the Artist Manager to source sites, manage operations, submit grant applications and grow the charity and its resources. The Non Exec Director helps guide the charity and provides invaluable advice about the direction of the charity’s development and advancement. ## **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 fulfil their charity's purposes. 9 Docusign Envelope ID: E2A4FF8D-5015-4C8B-90B1-F5EBEA2F1EAF ## **FINANCIAL PERFORMANCE** ## **HYPHA 2023/24 FY Results** The operating activities during the year produced a surplus of £30k. Total income increased to £169k, £81k higher than the prior year figure of £89k. Total spend on charitable activities, governance and support cost as well as cost of raising funds increased to (£139k) combined, compared to (£97k) in 2023, an increase of (£81k) ## **Incoming resources:** Income for the year totalled £169k (2023: £89k), this is an increase of 91% overall compared to the prior year. This performance was mainly due to an increase in the number of sites acquired in the year driving up contributions towards art projects. Other income amounted to £7k, however there has been a small increase in Grants and donations of £5k, bringing the total for the year to £39k (2023: £34k). ## **Resources expended:** Spend on charitable increased by £19k to £121k (2023: £92k). The biggest area of increase is due to an increase in the level of resource allocated towards the support of the provision of public programmes, which amounted to £84k (2023: £65k), an increase of £19k. During the year the charity focused efforts on promoting the work of artists and our programmes, and increased spend on fostering and improving public education and interest by £5k. Spending in this area amounts to £7k (2023: £2k). Provision and facilitating of access to affordable space and support for artists whilst on site reduced to £21k (2023: £25k). The Increase in number of sites during the year has meant that more focus has been placed on being able to support artists virtually rather than in person, this model is working efficiently and effectively. During the year the charity appointed a fundraiser, to reduce reliance on voluntary contributions and grow grant income. The total spend on raising funds amounted to £12k (2023: £Nil). Elsewhere, cost of Governance and support increased by £11k to £17k (2023: £5k) primarily due to increased requirement for admin support. ## **Reserves:** Overall Reserves for the charity at the end of the period is £43k, this is £29k above the prior year position of £14k. The level of free reserves is £29k above the minimum requirement of £14k set by the Trustees. During the year £4k restricted income was received towards the Regent street project. This fund was fully utilised in the year and the balance is now £Nil. ## **Reserves Policy:** Reserves are intended to cover: 1. Essential activities whilst sourcing income to a maximum of six months budgeted activity. 2. 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. 10 Docusign Envelope ID: E2A4FF8D-5015-4C8B-90B1-F5EBEA2F1EAF ## **Reserves Target:** 1. Essential activities for six months £12,000 2. Organisation dissolution costs £2,000 ## **Notes:** Dissolution costs on 23rd May 2024 are set at £2,000 to cover legal fees and other contingency fees of the process. ## **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 23rd May 2024 ## **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. This report was approved by the Board of Trustees and signed on their behalf by the Chair of Trustees. Juliet Timms Chair of Trustees 21 June 2024 11 Docusign Envelope ID: E2A4FF8D-5015-4C8B-90B1-F5EBEA2F1EAF ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HYPHA STUDIOS** We report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024, 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 ourself 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, we report in respect of our examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out our examination, we have followed the Directions given by the Charity Commission (under section 145(5b) of the 2011 Act. ## **INDEPENDENT EXAMINER'S STATEMENT** We have completed our examination and can confirm that no material matters have come to our attention, which gives us 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). We 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 04 June 2024 12 Docusign Envelope ID: E2A4FF8D-5015-4C8B-90B1-F5EBEA2F1EAF ## **HYPHA STUDIOS STATEMENT OF FINANCIAL ACTIVITIES** ## **For the year ended 31 March 2024** |_Notes_
**INCOMING RESOURCES**
Grants & donations
Charitable activities
Other income
**TOTAL INCOMING RESOURCES**
_2_
**RESOURCES EXPENDED**
Governance & support cost
3
Charitable activities:
Fostering & improving public education, interest and appreciation in all
forms of the creative arts
_4_
Provision of public programme & encouraging access to arts for the
general public
_5_
Provision & facilitating of access to affordable workspace & assisting
artists
_6_
Raising funds
_7_
**TOTAL RESOURCES EXPENDED**
**NET INCOMING / (OUTGOING) RESOURCES FOR THE YEAR**
TOTAL FUNDS AT 1 APRIL 2023
Transfer between funds
**TOTAL FUNDS AS AT 31 MARCH 2024**|_Unrestricted_
_funds_
_2024_
_£_
34,500
123,844
6,676
165,019
16,674
6,827
20,556
83,519
11,637
139,212
25,808
13,600
4,000
43,408|_Restricted_
_funds_
_2024_
_£_
4,000
-
-
4,000
-
-
-
-
-
-
4,000
-
(4,000)
-|**_Total_**
**_2024_**
**_£_**
**38,500**
**123,844**
**6,676**
**169,019**
**16,674**
**6,827**
**20,556**
**83,519**
**11,637**
**139,212**
**29,808**
**13,600**
**0**
**43,408**
**-**|_Total_
_2023_
_£_
33,817
54,666
59| |---|---|---|---|---| |||||88,542| |||||5,173
1,809
25,306
64,982
-| |||||97,269| |||||8,727| |||||22,327
-| |||||13,600| 13 Docusign Envelope ID: E2A4FF8D-5015-4C8B-90B1-F5EBEA2F1EAF ## **HYPHA STUDIOS** ## **BALANCE SHEET as at 31 March 2024** |_Note_
**FIXED ASSETS**
Tangible fixed assets
**CURRENT ASSETS**
Debtors
_8_
Cash in hand / bank
**CURRENT LIABILITIES :**
amounts falling due within one year
_9_
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**FUNDS**
Unrestricted
Restricted
_10_
**TOTAL FUNDS**|**_£_**
**65,175**
**2,981**|**_2024_**
**_£_**
**-**
**-**
**43,408**
**43,408**
**43,408**
**-**
**43,408**|_£_
16,558
5,947|_2023_
_£_
-| |---|---|---|---|---| |||||-
13,600| ||**68,156**
**(24,748)**||22,504
(8,905)|| |||||| |||||13,600| |||||13,600
-| |||||13,600| a) For the year ending 31 March 2024 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: Friday, 21 June 2024 14 Docusign Envelope ID: E2A4FF8D-5015-4C8B-90B1-F5EBEA2F1EAF ## **HYPHA STUDIOS** ## **NOTES TO THE ACCOUNTS** ## **For the year ended 31 March 2024** ## **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 service delivery. ## (iii) Raising funds This comprises all costs incurred by the charity in support of fundraising activities. ## 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." 15 Docusign Envelope ID: E2A4FF8D-5015-4C8B-90B1-F5EBEA2F1EAF ## **HYPHA STUDIOS** ## **NOTES TO THE ACCOUNTS** **For the year ended 31 March 2024** ## **2. DONATIONS** |Central & local government grant
Other grants & donations
**CHARITABLE ACTIVITIES**
Contributions towards Art projects
**OTHER INCOME**
Bank Interest and other sundry income
**3. GOVERNANCE & SUPPORT COST**
Accountancy Fees
Insurance
Misc Expenses
Office Admin
Repairs, maintenance & renewals
Bank Charges
Travel & Subsistence
Support staff|_Unrestricted_
_funds_
_2024_
_£_
-
34,500
34,500
_Unrestricted_
_funds_
_2024_
_£_
123,844
123,844
_Unrestricted_
_funds_
_2024_
_£_
6,676
6,676
_Unrestricted_
_funds_
_2024_
_£_
2,565
1,796
445
3,837
808
60
580
6,584
16,674|_Restricted_
_funds_
_2024_
_£_
4,000
-
4,000
_Restricted_
_funds_
_2024_
_£_
-
-
_Restricted_
_funds_
_2024_
_£_
-
-
_Restricted_
_funds_
_2024_
_£_
-
-
-
-
-
-
-
-
-|**_Total_**
**_2024_**
**_£_**
**4,000**
**34,500**
**38,500**
**_Total_**
**_2024_**
**_£_**
**123,844**
**123,844**
**_Total_**
**_2024_**
**_£_**
**6,676**
**6,676**
**_Total_**
**_2024_**
**_£_**
**2,565**
**1,796**
**445**
**3,837**
**808**
**60**
**580**
**6,584**
**16,674**|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| 16 Docusign Envelope ID: E2A4FF8D-5015-4C8B-90B1-F5EBEA2F1EAF ## **HYPHA STUDIOS** ## **NOTES TO THE ACCOUNTS** **For the year ended 31 March 2024** **4. Fostering & improving public education, interest and appreciation in all forms of the creative arts:** |_Unrestricted_
_funds_
_2024_
_£_
Marketing & PR
6,827
6,827|_Restricted_
_funds_
_2024_
_£_
-
-|**_Total_**
**_2024_**
**_£_**
**6,827**
**6,827**|_2023_
_£_
1,809| |---|---|---|---| ||||1,809| **5. Provision & facilitating of access to affordable workspace & assisting artists:** ||_Unrestricted_|_Restricted_||| |---|---|---|---|---| ||_funds_|_funds_|**_Total_**|| ||_2024_|_2024_|**_2024_**|_2023_| ||_£_|_£_|**_£_**|_£_| |Public Programme days (Event costs)|20,556|-|**20,556**|25,306| **6. Provision of public programme & encouraging access to arts for the general public:** |_Unrestricted_
_funds_
_2024_
_£_
Consultancy
33,130
Rates
39,723
Legal & other professional fees
10,666
83,519
**7.**
**Raising funds:**
_Unrestricted_
_funds_
_2024_
_£_
Staffing cost
11,637|_Restricted_
_funds_
_2024_
_£_
-
-
-
-
_Restricted_
_funds_
_2024_
_£_
-|**_Total_**
**_2024_**
**_£_**
**33,130**
**39,723**
**10,666**
**83,519**
**_Total_**
**_2024_**
**_£_**
**11,637**|_2023_
_£_
42,246
16,451
6,285| |---|---|---|---| ||||64,982| ||||_2023_
_£_
-| 17 Docusign Envelope ID: E2A4FF8D-5015-4C8B-90B1-F5EBEA2F1EAF ## **HYPHA STUDIOS** ## **NOTES TO THE ACCOUNTS** ## **For the year ended 31 March 2024** ## **8 DEBTORS** |**DEBTORS**||| |---|---|---| |Trade debtors
Accrued Income|_2024_
_£_
7,081
58,094
65,175|_2023_
_£_
-
16,558| |||16,558| ## **9 CREDITORS - due within one year** |Accruals
Other creditors|_2024_
_£_
21,686
3,062
24,748|_2023_
_£_
7,405
1,500| |---|---|---| |||8,905| ## **10 RESTRICTED FUNDS** |Greater London Authourity|_Balance at_
01-Apr-23
_£_
-
-|_Expenditure,_
_Incoming_
_gains, losses_
_Designations_
_Released_
_£_
_£_
4,000
(4,000)
4,000
(4,000)
_Movement in funds_|_Balance at_
31-Mar-24
_£_
-| |---|---|---|---| ||||-| 18