DooJ&ign Envelope ID.. EF65692MQDfA7FF-969fk68885142AFC2 CHARITY REGISTRATION NUMBER: 1194915 SCOTnsH CHARITY REGISTRATION NUMBER: SCO53768 Hypha Studios Company Limited by Guarantee Unaudited Financial Statements 31 March 2025 Jackson & J*¢kson A tradlng nfime of J#ckson Nleholas Asslt Limited Chartered Certified Aceountants & Statutory Auditors Suite 7, Meridian House 62 Station Road, Chingford London E4 7BA
DovJ8KJn Envelope ID.. EF65692&5C0647FF-969046885142AFC2 Hypha Studios Company Llmlted by Guarantee Financlal Statements Year ended 31 March 2025 Page Trustees, annual report {incorporating the director's report) Independent examinefs report to the trustees Statement of financial activities (including income and expenditure account) Statement of financial position Statement of cash flows 10 Notes to the financial statements 12
Docusign Envelo10." EF656926-5cDfA7FF4698B8sl42AFC2 Hypha Studios Company Llmlted by Guarantee Trustees, Annual Report (Incorporatlng the Dlrectorfs Report) Year ended 31 March 2025 The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial stalernenls of the charity for the year ended 31 March 2025. R9for0n and administrative details R•gi6ter•d charity name Hypha Studios Charfty r•glstration number 1194915 Scottlsh rogiBtratlon number SC053768 Principal offico and r•gist•rod Unil 3 Euslon Tower offl¢e 286 Euston Road London NW1 3AS The trustO•8 Juliet Timms Ichalrl Sirnon Tate Mark Davy annah Travors Amanda Gray (Resigned 14 May 20251 (Resigned 25 Oclober 20241 (Appointed 14 May 20251 Chief Executive Offlcer Camilla Cole Employo•s Camilla Cole Viola Koc- Artist Manager Will Jennings- Non-Exec Director www.hyphastudios.com Twitter @hyphastudios Facebook@hyphasludios Linkedln Hypha Studios Inslagram @hyphastudios Bank CAF & Coop Bank Ind•pend•nt Examiner MrJohn Assie FCCA Sui18 7, Meridian House 62 Station Road Chingford London, E4 7BA SolS¢itor Dragon Argont 63 Bemondsgy Street London, SE1 3XF Wo are supported by Goldsmiths Foundation. We Make Camden, Foyle Foundation, Rothschild Foundation. Jack%on Nickolos Assie Lirryiled CharierÉd CeriifiedAceonlntS
Dol9n EnYel¢)pe ID.. EF6s692cDf7FF-9e9O48B85142AFC2 Hypha Studios Company Llmlted by Guarantee Trustaes. Annual Report (Incorporating the Dlrectorfs Report) Year ended 31 March 2025 WHY HYPHA STUDIOS ARE IqERE.. Hypha Studios is a charily matching creatives with empty spaces & regenerating the high street with cultural events for local communities. By providing free studios &,' project space Hypha Studios acts as an incubator for creative$ to test new ideas wrf(houl financial obstacles. The Charity provides opportunities to those who might not be able lo access space, support, or visibilty. In return for the free space, creatives organise public events, engaging ¢ommuniUes, sUPpo.ng the locality & benefiting the high street. 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 2025. The Trustees confimi that the annual report and financial siatemgnis ol the charity comply with current slalulory requirements, the requirements of the charity & governing documents and the provtsions of the Slalem8nl of Recommended Practice ISORPI for Charities issueil in July 2019. LEGAL STRUCTURE, GOVERNANCE AND MANAGEMENT & GOVERNING DOCUMENT Hypha Studios was estsblished as a CIO in July 2021. The company was established undgr a Memorandum of Association, staling the objects and power5 of the charitable company, and 1$ governed and administered in accordance with its Articlos of Association. METHOD OF APPOINTMENT OR ELECTION OF DIRECTORsrrRUSTEES The Board of trustees comprises individuals. Trustees serve for 1 or 2 years and are eligible for re-81o¢tion. All members of the Board serve in an individual capacity with a duty to support Hypha studios rather than lo act as representalives of a particular intgresl group. Trustees are recruited through an open process. Vacancies are advertised widely, with an emphasis on recruitin9 from a diverse range of backgrounds to meet the organisalion's skills and knowledge needs. Applirab'ons aro shortlisted by the Nominaty'ons Committee, which comprises the Chair, two trustees and the CEO. Following interview of shoruisled candidates, recornmendalions for appointment are proposed lo the ftjll Board for their consideration and approval. On appoinlmenl, Trustees re1ve an induction pack comprising the goveming documents, strategic planning documents, corporate policies, and any other relevant materials. They are also provided with up-lo-dale materials on charity governance, including Charity Commission guidance, the Charity Govemance Code. New trustees meet with staff lo understand their roles in the organisation and ar8 invrted lo attend Hypha Studios, events. Opportunrties for Trustee training are provided. COMMIThEES ESTABLISHMENT AND AUTHORITY The Goveming 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 ils own rules and procedures, and adopt its own charter. in each case subject to approval by the Trustees. Thè trLJSteg$ may abolish any such committee al any lime in their sole discretion, and any committee members may rosign al any lime 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 Ihe trustees. The Irusleas shall have the power to rescind any action of any corrmittee. but no such rescission shall have relroaclivtr effed. The trustees shall have the power al any time to fill va¢an¢ies in the MmIttee$. The tmslees may designate one or more trustees as altemate rnembers of any committee who may replace any absent member at any meeting of the comrnittee. Jackgon Nieholas AssiÉ Limiied ChariÉred CertifiÉdAC¢oTrIIalS
DOcusn Envelope ID." EF65692&5CDPA7FF459W8851424FC2 Hypha Studios Company Llmited by Guarantee Trustses. Annual Report (Incorporatlng the Dlrectorfs Report) Year ended 31 March 2025 OBJECTIVES AND ACTIVITIES The objects of the CIO are for the benefit of the general public to promote and advance the creative arts in all ils forms, in particular but not exclusively by.. al Fostering and improving public education, interest, and appreciation in all fornis of the creative arts. bl Providing a public programme of exhibitions, workshops. perfomiances, and events and encouraging access to the arts for the general public. c} Providing or facilitating access lo affordable workspace for the production of creative arts to assist and facilitale artists in their work. STRATEGIES FOR ACHIEVING OBJECTIVES Al The crealivelsl that Hypha Studios selects for each Spa deliver a public programme that is of interest to the loeal communily. This can be a workshop, exhibition, or performancg. Bl By wortoing with landlords and councils the Charity places creatives in publicly facing Properties which can be in any part of the country, allowing engagement with the arts in areas where there is often very little investment in culture and in spa$ which cornmunities are comfortable going intr)- like fomier shops. This creates great access for the arts for the general public across Britain, as all the creatives produce events that engage Ial Cofflmunilies, for free or at low cost. Cl The Charity secures vacanl commercial space and malchmakes local creatives with it to uso for free from short temi projed space lo longer. The Charity does not charge anything for use of the spaces- no utilities, rates or rent. ACTIVITIES FOR ACHIEVING OBJECTIVES THIS YEAR Al Number of events.. 437 Bl Number of locations we currently work in.. 16 Cl Number of hub5 created - free studios or galleries.. 20 DI How many individual artists are supported with free making or displaying spaee.. 768 El Eslimaled in person attendance.. 25,366 Fl Estimated online attendance.. 1,635,699 ACTIVITIES AND 08JECTIVES LAST YEAR Al Number of events.. 283 B} Number of locations we currently work in.. 10 Cl Number of hubs created - free studios or galleries.. 18 DI How many individual artists are supported wf(h free making or displaying space.. 724 El E51imaled in person attendance.. 17,890 Fl Estimated online attendance: 1,205,875 MONITORING AND EVALUATION The Charity is monitoring its impact to.. Understand the different geographical and cultural contexts the Charty works in Understand the need Ivolurng of applicants) for free workspace and the significance of free space lo artists lapplicalion question.. 'what would having . Hypha Studio mean for your practi¢e'l Remain 'organisalionally self-aware,, celebrate and report on art1313' achievement$. public engagement, and artists, career impact. Leam what is working well and grow the organisalion responsive. Jackson Nicholaf Assie Limiied ChoriÉred CeritfÉedAccounlants
Ck)l$VJD Envelope ID.. EF65692&5CD647FF.969(W88514WC2 Hypha Studios Company Llmited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) Yèar ended 31 March 2025 RISK MANAGEMENT The Truslees meet regularfy to review the financial position and lo ensure that effective management and eonlrols are in place. The Iruslees have assessed the major risks to which Hypha Studios is exposed. In particular, these relate to securing sufficignt number of new siles, securing sufficient remuneration for existing and ngw stsff, financial sustainability, and exlemal contradors, complkgnce wi(h the Charty's Service Agrgements. The Board of Twstees review the charity's risk register lestsblished June 2022) annual where there are changes, and otherwise annually. Attending to all risk categories (governance, operational, financial, exlemall, They monitor risk status {probability and irnpactl 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 assessrnenl procedures. Hypha Studios has Public Liability Insurance cover of up to £10m and a reserves policy that includes a continualion fund of 6 months operating costs. The Board is satisfigd that systems aro in place lo miligale, or control where possible, Hypha Studios, 8xposure lo the iisks mentioned abovo. EXECUTIVE TEAM The CEO shapes Hypha Studios strategi¢ direction and lead5 the organisation. The CEO formally reports on progress to the full Board every Quarter. With the money granted lo the charity from the Rothschild Foundation, the CEO was able to enlist a Development Manager that worked al 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 sit&s, manage operalions, submit grant applications and grow the charity and ils resources. The Non Exec Director helps guide the charity and provides invaluable advice aboul the direction of the charty's development and advancemenL GRANT MAKING POLICIES Currently Hypha Studios does not 9ive grants. Should this change in the future a Grant Policy musl be approved by the trustees before any fvnds are granted. VOLUNTEERS The artists we work with give their expertise and Ume lo help Hypha Studios fulfil their charity's purposes. Jacknon Nicholas Assie LimitÉd Choriered CeriifiedAccounlants
Dow*gn Envdope ID.. EFe56928-SCD647FF.969a385142AFC2 Hypha Studios Company Limlted by Guarantee Trustees. Annual Report {Incorporatlng the Directorfs Report) Year ended 31 March 2025 FINANCIAL PERFORMANCE HYPHA 2024125 FY Results The operaling activities during the year produced a deficit of £21,990. Total income increased to £174,721, £5,701 higher than the prior year's figure of £169,020. Total spending on charitable activities, governance and support cost as well as cost of raising funds increased lo1£196.7111 combined, compared lo1£139,212} in 2024, an increase of1£57,4991 In¢omlng resources: Income for the year tol8led £174,72112024'. £169,020>, this is an increase of 3Vo overall compared to the prior year. This perfomiance was mainly due lo an increasg in the number of siles acquired in the year driving up contributions towards art projects. Other income amounted 10 £2,545. however there has been a reduction in Grants and donations of £28,000, bringing the lotsl for the year to £10.50012024- £38,500>. Rg$ources •xp•nded: Thg total spend on charitable activitigs incr8ased by £57,642 10 £185,21712024.' £127,575). The biggest area of increase is due lo an increase in the level of wages and salaries. During the year the charity focused effotts on promoting the work of artists and our programrnes and increased spend on fostering and improving public educats'on, and interest by £16.959. Spending in this area amounts to £23,78612024.' £6,827). Provision and facilitation of acces8 to affordable space and SUPFX)rt for artists whilst on slte reduced lo £23,910 12024.. £20,556). The Increase in number of sites during the year has meanl Ihal more tocus has been placed on being able lo support artists virtually rather than in Person, this model is working efficiently and effectively. The total spend on raising funds amounted to £11,49412024'. £11,63711. Elsewhere, cost of Govemance and support increased by £29,82110 £46,49412024'. £16,673) primarily due to increased requirement for admin support. Reservo1 Overall Reserves for the charity al the end of the period is £21,418, this is £21.990 below the prior year position of£43,408. The level of free reserves is £21,418 above the minimum requirement of £14,000 set by the Trustees. During the year £10.500 restricted income was received. These funds were fully utilised in the year and the balance is now £Nil. Jackson Nicholas Assi8 Limiled Chartered Cer/EfiedA¢cou4ionis
Do¢usign En¥elop6 IO.. EF65692&5CDM7FF-969048B85142AFC2 Hypha Studios Company Limited by Guarantee Trustees, Annual Report (Incorporating the Dlrectorfs Report) Year ended 31 March 2025 R•G•rves Policy.. Reserves are intended lo Cover. l. Essential activities whilst sourcing income to a maximum of six months budgeted activity. 2. The costs of dissolution should the charity be unable lo continue. It is only to be used in the event of the trustees, deciding the charity should ase lo exist.11 will be used lo pay notice periods, redundancies, and the expenses ol running Hypha Studios until closure of the organisation Ro$erv•ts Target: l. Essential activities for six months £12,000 2. Organisation dissolution costs £2,000 Notss: Dissolution costs on 23rd May 2024 are set at £2.000 to cover legal lees and olh8r contingency fees of the process. Annual rnvl•w of Reserves Policy: Due lo the natur8 of the organisalion and the regular review of income and expenditure, Ihls policy should be reviewed on an annual basis lo ensu.. - Thg 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 stsffing levels. Policy dated 23rd May 2024 Joekson Nicholas Assie Limited Chaplered CeriifiedAccounlants
00$VJn Envelope ID.. EF656926-5CW7FF.9691Y68885142AFC2 Hypha Studios Company Llmlted by Guarantee Trustees. Annual Report (Incorporating the Dlrertorfs Report) Year ended 31 March 2025 Tru$lees' Res nsibilities {al the Trustees are responsible for preparing the Trustees. R8POrt and the financial slalements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.. Ibl Charities Act requires the Trustees must not approve the financial slalements unless they are satisfied that they give a true and fair viow of the stato of affairs of the charity and of the surplus or deficit profil or loss of the charity for that period., Icl in preparing the financial stat8m8nts the directors are required to.. {il select suitable a¢counting policies and then apply them consi$tently', {ii} make judgements and aOntIng estimates that are reasonable and prudent., (iiil Slate whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial statements,. and (iv) prepare the financial slalements on the going conrn basis unless il is inappropriate to presume that the charity will continue in businèss. Idl the Trustees are responsible for keeping adequate accounting cordS that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy al any 'me the financial position of thg charity and that enable them to ensure thal the financial statements compty with Ihe Charlties Act 2011., lel the Tru51ees are responsible for safeguarding the assets of the charty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularilles.. and ifj where appropriate, the Trustees are responsible for the maintenance and integrity of tho corporate and financial information included on the charity's webs Small company provlslons This report has been prepared in accordance with the provisions applicable lo companies enlilled to the small cornpanies exemption. The trustees, annual report was approved on 7 August 2025 and signed on behalf of the board of trustees by.. Ooou8*Nd ty.. 0¢Gtyr. DoGu¥iIN•OW. bHthS IEFte2D8FIOE4 Juliet Timms Trustee (Chair) Amanda Gray Trusta• Simon Tat& Trustee Jo¢kson Nicholas Assie Lipnited Chartered CeriifiedAccounlants
Docu8n Envelope ID". EF6s892&5ct)647FF-06OL8SSl42AFC2 Hypha Studios Company Limlted by Guarantse Independent Examinerfs Report to the Trustees of Hypha Studlos Year ended 31 March 2025 I report to the trustees on my examination of the financial statements of Hypha Studios Ilho charity,) for the year ended 31 March 2025. R•8ponsibllltl8s and basis of report As the trustees of the company land also its diroctors for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 20061'lhe 2006 Aet'l. Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in r&spect of my examination of the charity's accounts as carried out under section 145 of the Charities Act 2011 1.the 2011 Act'l. In carrying out my examination I have followed the Direclions given by the Charity Commission undgr section 14515)Ibl of the 2011 Act. Indepgnd•nt examinorfs stat•ment I have completed my examination. I confirm that no matters have come lo my attention in connection th the examination giving me cause lo believe.. 8¢counting records were not kept in respect of the charity as required by section 386 of the 2006 Act,. or the financial stslgments do not accord with those r¢¢ords,' or the financial statements do not ¢omply with the accounting requirgmenls of sedon 396 of the 2006 Act other than any requirement that the account5 give a 'lrue and fair, view which is not a matter considered as part of an independent examination.. or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Pradce for accounting and reporting by ¢harities applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicabl6 in the UK and Republic of Ireland IFRS 1021. I have no concems and have come across no other matters in Connection wth the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. John Assie FCCA Independent Examiner Jackson Nficholas Assie Limited Chartered Certified Accountants Suite 7, Meridian House 62 Station Road Chingford London E4 7BA Date 8 August 2025 Jackfon Nicholag Assie Limited Choytered CertifiedAccountnnls
DocU8ft Envekjpe ID.. EF65692&5CLN7FF.9690ffj8B85142AFC2 Hypha Studios Company Llmlted by Guarantee Statement of Flnanclal Activities (Includlng Income and expendlture account) Year ended 31 March 2025 2025 Restricted funds Total funds 2024 Unreslricled funds Total funds Nots Income and endowments Donations and lega¢ies Charitable activities Investment income Other income 10.500 10,500 161,671 38,500 123,844 6,676 161,671 2,545 164.221 2,545 Total In¢om• 10.500 174.721 169.020 Expondlture Expenditure Dn raising funds.. Costs of raising donations and 18gaci8s Expenditure on charitable activities Total expondltur• {11.4941 1174,7171 1186,2111 111,494) {185,2171 {196,7111 {11.6371 1127,5751 1139,2121 10,11 110,5001 110,5001 Net {expenditur•llincorne and net mov•m•nt In funds 121,9901 121,9901 29,808 R8¢on¢lllation of funds Total funds brought forward Total funds carrlod forvmrd 43,408 21,418 43,408 13,600 21,418 43,408 The statement of financial activities indudes all gains and losses recognised in the year. All inoJme and expenditure derive from conts'nuing activities. The notes on page$ 12 to 20 form part of the$e financial statements. .Jarkson Nichol(x* Assie Limiled Char¢Éred CerlifiedAccounianis
Docu$vJn Envelope ID.. EF65692&5CD647FF.569(1-68B8514WC2 Hypha Studios Company Llmlted by Guarantee ststement of Flnanclal Posltlon 31 March 2025 2025 2024 Nottt Curr•nt assets Debtors Cash al bank and in hand 16 99,848 12,021 111,869 65,175 2,981 68,156 Croditors: amounts falllng due wlthln one year Not curr•nt assets 17 190,4511 21,418 124,748} 43,408 Totsl assets le85 current Ilabllltlej 21,418 43.408 Not assets 21,418 43,408 Funds of the charity Unrestricted funds 21,418 21,418 43,408 Total Charity funds 19 43,408 For the year ending 31 March 2025, the charity was entitled to 8xemption from audit under section 477 of the Companies Act 2006 ralating to $m811 companies. Directors, responsibilities.. The Members hav8 not required the company to obtaln an audit of its financial statements for the yoar in question in accordancg Wlth s8¢tion 476.. The direciors acknowledge Iheir responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial stslements. These financial statomgnts have been prepared in accordance with the provisions applicable lo companies subject lo the small ¢ompanies' regime. These finanoal statements were approved by thè board of trustees and authorised for issue on 7 August 2025, and are signed on behalf of the board by.. by. IEFOE21JOFIOE4C• . B73FC#4A8gF74* . Juliet Timms Tnjstee Amanda Gray Trustee Simon Tate Trustee The notes on pAge$ 12 to 20 form pArt of tbe$e financlal statemen Jackson Nicholas Assie Limiied Chariered CeriifiedAccounlonis 10
DO¢19n En*lope10." EF6S692&5CL47FF-g6g(8BB8Sfj42AF¢2 Hypha Studios Company Limited by Guaranteo Statement of Cash Flows Year ended 31 March 2025 2025 2024 Cash flows from operatlng actlvltS8s Nel lexpendilureyincome 121.9901 29.808 Adju$lmenls k)r.' Other interest receivable and similar income A¢cru8d expensesllincomel 151 22,433 16,6761 7.200 Ch8nges in.. Tr8de and other debtors Trade and other CditOrS {44,5611 53,158 17,0811 132,8931 19.6421 Cash generated from operations 9,035 Interest received 6,676 Nel cash fromllusgd inl operating activities 9,040 {2,966} N•t In¢r•a$eI(docraal In ¢a$h and cash equlvalonts Cash and Cash equival8nl$ at b¥ginning of year Cash and eash equival8nt8 at and of yèar 9.040 2,981 12,9661 5,947 12,021 2.981 Jackson Nichola¥ Assie Limited Chariered CertifiedAccountantS
DOAgn EnlOPe ID.. EF6589ts5CD647FF*BB8sl42FC2 Hypha Studios Company Limlted by Guarantee Notes to the Flnanclal Statements Year ended 31 March 2025 General infomiation The charity is a public benefit enlily and a gIStered charity in England and Wales and is a Charitable Incorporated Organisats'on. The registered addrgss Is Unit 3. Euston Tower, 286 Euston Road. London. NW13AS. Stat•mont of complian¢0 The financial stslements have been prepared in accordance with the Ststement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance wth the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS1021 issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS1021 and the Charities and Trustee Inveslment (Scotlandl Act 2005 and Regulation 8 of the Charities Accounts Iscollandl Regulation 2006 and the Chaiities Act 2011. and UK G8ngrally Accepted Practice 8$ 11 applies from January 2019. A¢countin9 poll¢l•$ Basls of proparallon The financial Statements have been prepared on the historical cost basis. The financial statements are prepared in sterfin9, which is the functional currency of the entity. Golng con¢tm There are no material uncgrtainties about the charity's ability lo continue. Judgements and key sourc8s of èstimation uncortalnty The preparation of the financial stalemenis requires management to make judgements. estimates and assumptions that affect the amounts roported. These ests'mates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significantjudgements There have not been any judgements (apart from those involving estimations) that management has made in tho pro¢ess of applying the entity's accounting policies and that have the significant gffecl on the amounts recognised in the financial ststements. Fund a¢¢ountlng Unrestricted funds are available for use at the discretion of th8 Iruslees lo furthor any of the charity's purposes. Designated fund5 are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds arg subjected to restrictions on their expenditure declared by the donor OT through the terms of an appeal, and fall into one of two sub-¢lasses'. restricted in¢ome funds or endowment funds. Jaeknon Nichol(xs Assie Limiled Chariered CerlifiedAccounianis 12
Do¢usign Envelope ID.. EF65692&5CW7FF.969(WB85142AFC2 Hypha Studios Company Limited by Guarantee Notes to the Financial Statements icontlnved) Year ended 31 March 2025 Accountlng polici8s (contlnusdj Incomlng r•sourco$ All incoming resources are included in the slalemenl of financial activities when entitlement ha5 passed lo the charity,. it is probable that the economie benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following speufic policies are applied lo parts'cular categories of income- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is estsblished. income from donatod goods is measured al the lair value of the goods unless this is Smpraclical to rneasure reliably, in which case the value is derived from the cost to the donor or the estirnated resale value. Donated facilities and services arg re¢ognised in the accounls when received if the value can bo reliably measured. No amounts are included for the contribution of general volunteers. Income from contracts for the supply of servi$ is recognised with the delivery of the contracted service. This is Classified as unrestricted funds unless there 18 a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it rnay be regarded as restricted. Ra8our¢ès expondod Expenditure is recognised on an accruals basis as a liability is incurred. Expondilure includes any VAT which cannot be fully recovered, and is classified under headings of the slatemgnl of financial activities lo which il relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non-charil8ble trading activities, and the sale of donated goods. expenditure on charitable aclivities includes all costs incurred by a charity in undertaking activities that further ils charitable aims for the benefit of its beneficiaries, including those support costs and costs relatin9 to the govemance of the charily apportionod lo charitable activities. other expenditure includes all expenditure that is neither related lo raising funds for the charity nor part of its expenditure on charitable activities. All costs are allo¢8led lo expenditure categories reflecting the use of the resourc8. Direct costs attributsble to a single activity a 8110¢8ted directly to that activity. Shared costs are apportiongd between the activities they wnlribule to on a reasonable, justifiable and consislenl basis. Jacknon Nicholas Assie Lirniled Charlered CertifiedAccot4nianls 13
Docwsign Envelop IO.. EF656926-5COeA7FF-9691M6885142AFC2 Hypha Studios Company Llmlted by Guarantee Notes to the Flnanclal Statements fconllnu Year ended 31 March 2025 Accountlng polici•s (conllnu•dJ Financlal In$lrum•nts A financial asset or a financial liability is recognised only when the entity becomes a paty to the contra¢tual provisions of the instmment. Basic financial instruments are initially recognised al the amount receivable or payable including any related Irans8clion costs, unless the arrangement Conslilules a financing transacty'on, where il is recognised at the present value of the future payments discounted al a market rate of interest for a similar debt inslrurnenl. CUrnt assets and current liabilities are subsequently measured 81 the cash or other consideration expected lo be paid or received and not discounted. Financial assets that a¥e measured at cost or amortised cost are reviewed for objective evidence of impairnient at the end of each reporting date. If there is objective eviden of impairment, an impairment Ioss is recognised undgr the approprialo heading in tha statement of financial aeliviliès in which the initial gain was recognised. Defined contrlbutlon plans Conlribulions to defined conlribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognis9d as an asset to the extent thot the prepayrnent will lead to a reduction in future p8yments or a cash refund. When contributions are not expected lo be setued wholly within 12 months of tho end of the r8POrting dale in which the employees render the related service, the liability is measured on a discounled present value basis. The unwinding of the discount Is recognised as an expense in the period in which il arises. Limited by guarantse Hypha Studios is a company limiteij by guarantee and accordingly does not have share capital. If the comp8ny is wound up. the members of the CIO have no liability lo contribute lo its assets and no personal responsibility for settling its debts and liabilities. Donatlons and legacles Unrestricted Funds Restricted Totsl Funds Funds 2025 Grants Central & local govemmenl grants Other grants & donations Rolhschild Foundation Cardiff Camden Giving Paul O Hare 1,500 2,000 2,000 5,000 1,500 2,000 2,000 5,000 10,500 10,500 Jockfon Nickolas A.fsie Limiled Charlergd CerlifiedAe¢ounlanls 14
DotyJ*gn EnOpe ID.. EFe58928-5CD647FF-969048B8614WC2 Hypha Studios Company Llmited by Guarantee Notes to the Flnancial Statements (¢ontlmi•dl Year ended 31 March 2025 Donatlons and l•gaclos i¢onllnu•dJ Unrestricted Funds Restricted Total Funds Funds 2024 Grants Central & local govemment grants other grants & donations 4,000 4,000 34,500 34.500 34,500 4,000 38,500 Charitablè actiyltlos Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Contributions towards Art projects 161,671 161,671 123.844 123,844 Invostment incom9 Unrestricled Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Bank interest receivable 6,676 6.676 Other Income Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Other sundry income 2,545 2,545 Costs of ralsing donatlons and l•ga¢lès Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Costs of raisino donations and legacios - Staffing costs 11,494 11,494 11,637 11,637 Jackson Nicholas Assie Limited Charlgyed Cerlif¥edAcconIUrtl. 15
Docu$n Envelope ID.. EF65e92&5CDeA7FF-969M8B65142AFC2 Hypha Studios Company Llmited by Guarantee Notes to the Financial Statements (¢ontlnu Year ended 31 March 2025 10. Expgndltur• on charitable adlvlllos by fund type Unrestricted Funds Restricted Total Funds Funds 2025 Fostering & improving public education, interest and appreciation in all fom)s of the creative arts.. Provision & facililaling of access to affordable workspace & assisling artists.. Provision of public programme & encouiaging access lo arts for the general public.. Support costs 20,536 3,250 23,786 23,910 23,910 83,777 46,494 174,717 7,250 91,027 46,494 10,500 185,217 Unreslricled Funds Restricted Total Funds Funds 2024 Fostering & improving public education, intergst and appreciation in all forms of the creative arts.. Provision & facilitating of access lo affordable workspace & assisting artists.. Provision of public programmo & encouraging access to arts for the general public.. Support costs 6,827 6.827 20,556 20,S56 83,519 16,673 83,519 16,673 127,575 127,575 11. Expenditure on charltablo a¢tlvltlo8 by adivity typo Activities undertaken directly Support Costs Totsl funds 2025 Total fund 2024 Fosiering & improving public education, interest and appreciation in all forms of the creative arts.. Provision & facilitating of access to affordable workspace & assisting artists.. Provision of public programme & gncouraging access to arts tor the general public.. Governance Costs 23.786 17,920 41,706 6,827 23,910 10.821 34,731 34,666 91,027 11,840 5,913 102,867 5,913 185,217 83,519 2,S63 138,723 46,494 127,575 Jacknon Nicholas Assie Limiled Charlered CerlifiedAceountants 16
DooJ8lgn Envdope ID.. EF656926-5CDN7FF-9698B8Sl42FC2 Hypha Studios Company Llmlted by Guarantee Notes to the Flnancial Statements (¢ontlmMdJ Year ended 31 March 2025 12. Analys18 of support costs Fostering & improving public Provision & Provision of education, facililaling of public interest and a¢cess to programme & appreciation affordable encouraging in all fomis of workspace & access to arts the creative assisting for the arts artists general public Total 2025 Total 2024 Staff costs Gener81 office Finance costs Governance costs Insurance Miscgllaneous Expenses Repairs. maintenance & renewals Travel & Subsistence Legal & Professional 6,483 457 27 6,483 458 26 5,915 633 127 6,483 457 27 19,449 1,372 80 5,915 1,897 563 6,584 3,837 60 2,563 1,796 445 632 131 632 305 504 341 5,040 11,333 808 580 1.680 8,510 1,680 1,412 1,680 1.411 17,920 16,734 11,840 46.494 16,673 13. Indgpendont examinatlon feas 2025 2024 Fees payable lo the independent axaminer for.. Independent examination of the financial ststements 2,740 2,563 14. Staff costs The total staff costs and ernployee boneffts for the reporting period are analysed as follow5.. 2025 2024 Wages and salaries Social sgcurily costs Employer contributions to pension plans 54,303 792 1,153 56,248 The average head count of employees during the year was 212024.. Nill. The avoragg number of lull-time equivalent employees during the year is analysed as follows.. 2025 No. 2024 No. Number of staff No employee r9ceived employee benefits of more than £60,000 during tho year12024.' Nil). Jacksort Nicholl Assie Limiled Choriered CertifiedAc¢ounianls 17
DocLLsvJn Envelow ID.. EF65692&5CD847FF-969046B85142AFC2 Hypha Studios Company Limited by Guarantee Notes to the Flnanclal Statements (contlnu•d) Year ended 31 March 2025 15. Trustso rnmunoratlon and oxp•nses no remuneration or other benefits from employment with the charity or a related entity wero received by the trustees., or no trustee expenses hav8 been incurred. 16. Debtors 2025 2024 Trade debtors Prepayrnenls and accrued income 33,759 66,089 7,081 58,094 65,175 99,848 17. Creditorn: amounts falling due within on8 yoar 2025 2024 Trade creditors Accruals and defeed income Social security and other taxes Other creditors 38,028 34.231 8,207 9.985 21,686 3,062 90,451 24,748 Jlher credito¥s indude pension liability of £243, artl81 deposits £9.142 and amount held on account £600. 18. P8ns5ons and other po8t-r•tir•ment benofits Dèfined contributlon plans The amount recognised in incom8 or expenditure as an expense in relation to defined contribution plans was £1,15312024.' £Nill. 19. Analys1$ of charStablo funds Unrestrictad funds At 1 April 2024 At Transfers 31 March 2025 Income Expenditure General funds 43,408 164,221 1186,2111 21,418 At 1 Apri5 2023 Incom8 Expenditure Tran8fers 31 March 2024 General funds 13,600 165,020 1139,2121 4,000 43,408 Jaek¥on Nieholas Avsie LiTr7iled Chartered CerlifiedAccounianl& 18
D(19n Envel¢)pe ID.. EF656926-SCD7FF4y68B85142AFC2 Hypha Studios Company Llmlted by Guarantee Notes to the Financial Statements (contlnwl) Year ended 31 March 2025 19. Analysis of ¢haritablo funds (eontltsu Restrict8d funds Al 1 April 2024 At Transfers 31 March 2025 Income Expenditure Rothschild Foundation Cardiff Camden Giving Paul O Hare 1,500 2,000 2,000 5,000 10.500 11,5001 12,0001 12,000} 15,000) 110,5001 At 1 April 2023 At Transfgrs 31 March 2024 Income Expenditure Greater London Authority Cardiff Camden Giving Foyle Foundab'on 4,000 14,0001 4.000 14,0001 Pur os nds Rothschild Foundalion- grant was used lo obtsin seNices of a fundraiser Cardiff - grant was for mart(eting Cardiff galleries Camden Giving - grant was for the Euston gallery Paul Q Har8- grant was lo start Hypha Curates devalopmenl and design 20. Analysis of net assets between funds Unrestricted Total Fund8 Funds 2025 Current assets Creditors less than 1 year Net assets 111,869 {90,4511 21,418 111,869 190,4511 21,418 Unreslricled Total Funds Funds 2024 Current assets Creditors less than 1 year Not assots 68,156 124,748} 43.408 68,156 124.7481 43,408 Jaek¥on Nicholas Assie Limiled Charlered CerlifiedAccouniaKIs 19
Doc19 Én¥elope ID.. Ef65692CD847FF668B85142AFC2 Hypha Studios Company Limited by Guarantee NotOS to the Financial Statements (contlnu•dJ Year ended 31 March 2025 21. Analysls of ¢hangg8 In not dabt At Al 1 Apr 2024 Cash flows 31 Mar 2025 Cash at bank and in hand 2,981 9.040 12,021 22. Rolated parties There have not beon any related paty transactions that have taken place durfng the financial year {2024'. Nill. Jackson Nicholas Assie Limiied Chartered Cerifi iedAccouniaJvIs 20