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 Envelo￿10." EF656926-5cDfA7FF469￿8B8sl42AFC2
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 CeriifiedAceo￿nl￿ntS

Do￿l9n EnYel¢)pe ID.. EF6s692￿cDf￿7FF-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 &amp,' 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 re￿1ve 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¢o￿TrIIa￿lS

DOcus￿n 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 I￿al 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.969￿a385142AFC2
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 a￿O￿ntIng 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 con￿rn 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¢G￿￿tyr.
DoGu¥iIN•OW.
bHthS
IEFte2D8FIOE4
Juliet Timms
Trustee (Chair)
Amanda Gray
Trusta•
Simon Tat&
Trustee
Jo¢kson Nicholas Assie Lipnited Chartered CeriifiedAccounlants

Docu8￿n Envelope ID". EF6s892&5ct)647FF-06OL￿8￿SSl42AFC2
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

DocU8￿ft 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&5CL￿47FF-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$lmenls k)r.'
Other interest receivable and similar income
A¢cru8d expensesllincomel
151
22,433
16,6761
7.200
Ch8nges in..
Tr8de and other debtors
Trade and other C￿ditOrS
{44,5611
53,158
17,0811
132,8931
19.6421
Cash generated from operations
9,035
Interest received
6,676
Nel cash fromllusgd inl operating activities
9,040
{2,966}
N•t In¢r•a$eI(docraa￿l 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

DO￿Agn En￿lOPe ID.. EF6589ts5CD647FF*￿BB8sl42￿FC2
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.
CUr￿nt 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 En￿￿Ope 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¥edAcco￿nIUrtl.
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-969￿8B8Sl42￿FC2
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 defe￿ed 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-SCD￿7FF4y￿68B85142AFC2
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

Doc￿19￿ Én¥elope ID.. Ef65692￿CD847FF￿6￿￿68B85142AFC2
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