**Company registration number: 01394985 Charity registration number: 277021**
## **ISLINGTON ARTS FACTORY LIMITED**
**(A company limited by guarantee and registered charity)**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2023**
## **ISLINGTON ARTS FACTORY LIMITED**
**(A company limited by guarantee and registered charity)**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 5|
|**Independent examiner's report**|6|
|**Statement of financial activities**|7|
|**Balance sheet**|8|
|**Notes to the financial statements**|9 - 21|
**(A company limited by guarantee and registered charity)**
## **ISLINGTON ARTS FACTORY LIMITED**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023**
|**Trustees**|TerrySlater,Chair|
|---|---|
||Michael O'Keefe,Vice Chairman|
||Katherine Gardiner,Treasurer|
||Janet Fleming|
|**Company registered**
**number**
**Charity registered**
**number**
**Registered office**
**Secretary and Director**
**of Centre**
**Independent Examiner**
**Bankers**
|01394985
277021
2 Parkhurst Road
London
N7 0SF
Elizabeth Lerpiniere
MHA
Chartered Accountants
910 The Crescent
Colchester Business Park
Colchester
Essex
CO4 9YQ
The Co-operative Bank
1 Islington High Street
London
N1 9TR|
Page 1
**(A company limited by guarantee and registered charity)**
## **ISLINGTON ARTS FACTORY LIMITED**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023**
The Trustees present their annual report together with the financial statements of the Charity for the year from 1 April 2022 to 31 March 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
## **Objectives and activities**
## **a. Principal objects and activities**
The objects for which the Charity was established, as defined by the Memorandum of Association, are to promote, maintain, improve and advance education, particularly by the teaching of dance and visual art and the encouragement of the arts including choreography and music.
Islington Arts Factory, founded in 1977, is based in Holloway, an area which suffers from significant deprivation, high unemployment, low levels of achievement at school and other problems of inner city life. It is the only multi-arts community centre in the London borough of Islington.
## **Achievements and performance**
## **a. Going concern**
After making appropriate enquiries, the Directors have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## **b. Activities and performance**
The main activities undertaken in relation to the purposes of the Charity as per its Memorandum and Articles of Association and in furtherance of the public benefit are as follows:
The year 2022 -2023 saw a slow but relatively steady increase in all aspects of our work, with the exception of some of our children’s classes. The majority of our income has always been earned through studio hires to actors, dancers and musicians and with the reopening of theatres and music venues demand for dance or music rehearsal studios began to return to that which we had been used to pre March 2020.
The final lifting of the need for social distancing measures meant that adult classes could once again be large enough to allow the independent tutors who hire our spaces during the evening and at weekends, and who form our other main income stream, to realistically cover their costs; gradually reluctance to exercise as part
Page 2
## **ISLINGTON ARTS FACTORY LIMITED**
**(A company limited by guarantee and registered charity)**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
of a group indoors decreased and our adult dance programme began to fill; by August 2022 virtually all weekend and evening teaching slots were taken up, ensuring consistent income month on month.
Our music studios continued with slow but steady numbers of hours hired and we have maintained the level of business they had been achieving before the beginning of the pandemic. We were therefore able in 2022 to hire a studio technician and a drum technician on two evenings per week, which has meant that we have maintained the high standards needed for the success of the music rehearsal rooms. The new acoustic rehearsal room created in 2021 has developed a number of regular users, either for one to one music teaching or for individual music rehearsal and makes a steady contribution to our income.
Between March and June 2022 we refurbished three of our studios which had been left by artists who were unable to pay rents during the pandemic. All three studios are now let to practising artists, which has repaid the cost of refurbishment and they are now contributing to regular income.
In January and February 2023 we were pleased to be able to offer in kind support to choreographer Holly Blakey, to create the final part of her contemporary work _Cow Punch My Ass_ , which was performed to critical acclaim at the Royal Festival Hall on 15 February 2023. We have offered in kind support as match funding for two new choreographers for works to be created here in 2023.
2023 saw a return to a full art exhibiting programme. Eleven successful exhibitions were held during 2022 - 2023, with highlights including a unique group show created by artists who attend Mencap’s regular art therapy sessions here, a showcase of ceramics created in our pottery and art rooms, and a group show of portraiture.
The initial good take up of children’s classes that we had seen in the Autumn term of 2021 sadly did not continue, and there was a big drop off in numbers in Summer 2022. Feedback from parents suggested that the cost of living crisis was the driver for this as parents had to make difficult decisions particularly with the huge rise in energy costs and the rise in inflation. Although fees for our children’s classes are lower than average we are no longer in a position to offer free classes for those in particular need, or to reduce fees for families and for children wishing to attend more than one class. Numbers have dropped back a little in the Spring term, and we will again reassess our ability to offer subsidised classes to children at the end of the Summer term 2023.
## **c. Staffing and self-employed workers**
Staff numbers continued to be three during the year. In October the Director of Centre moved from full time to part time (four days per week) working, and our Office Manager moved to a full time position.
We took on a self-employed worker as Assistant Office Manager for 16 hour per week, as activities increased. These additional hours enabled us to be more flexible about our opening hours, giving us the ability to open on an ad hoc basis on Saturday mornings and Sundays as need arose.
Page 3
**ISLINGTON ARTS FACTORY LIMITED**
**(A company limited by guarantee and registered charity)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
## **Financial review**
## **a. Financial review**
The Charity’s activities in the year recovered well following the pandemic, although with the added cost of living pressures, class numbers have yet to regain their pre-pandemic levels. The hire of studio space to all types of artists has been good this year. Overall income from charitable activities reached £162,476, (2022: £116,308), although still less than the pre-pandemic £195,000 in 2020. In the previous year we had the benefit of the Government Restart grants and Furlough grants in the first half of the year. As ever we have kept costs as low as possible, although power costs continued to increase (£19,392 compared to £15,024 in 2022). We were again able to spend funds on maintaining the building. Overall expenditure was slightly higher than the previous year, reflecting increased activity. A small surplus of £1,660 (2022: £14,407) is carried forward to 2023/24.
## **b. Reserves policy**
The Directors have examined the Charity’s requirements for reserves in the light of the main risks to the organisation and the reliability of income sources. In the year the reserves policy has been reviewed and amended, following the change of ownership of the building. We understand that the new owners would prefer to receive higher rent than the current peppercorn amount that we pay each month. No timescales have been mentioned, and if in the future the current situation changed, we would consider various options open to us at the time. However as a fall-back position, we felt that we should hold sufficient reserves to be able to close the charity in a well-managed way over a period of six months. This would mean reserves have been calculated as needing to be a minimum of £80,000.
The level of unrestricted funds at the year-end is £84,305 (2022: £82,645), which is an adequate position for the charity.
## **c. Investment policy**
Aside from retaining a prudent amount in reserves each year most of the Charity's funds are to be spent in the short term so there are no funds held for long term investment. The policy of the Directors is to invest the amount that it has available and grants received in advance in short-term bank deposits.
## **d. Public benefit**
The Board confirms that it has complied with the duty in section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit, ‘Charities and Public Benefit’.
## **e. Financial management**
The Directors aim to ensure that year-on-year Islington Arts Factory achieves a balanced budget with sufficient money being set aside to cover building maintenance and the replacement of equipment to ensure that the charity is able to keep operating.
Page 4
**(A company limited by guarantee and registered charity)**
## **ISLINGTON ARTS FACTORY LIMITED**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
## **Structure, governance and management**
## **a. Constitution**
The Charity is registered as a Charitable Company limited by guarantee and was set up under a Memorandum of Association on 19 October 1978, updated on 18 January 1980.
## **b. Directors**
The members of the Board are the Directors of the Charity. Those who served during the year are listed on page 1.
## **c. Governance and Trustee appointment and recruitment**
The affairs of the Charity are governed by the Board of Directors, who are also Trustees of the Charity, and who meet 3 to 4 times a year. The Board ensures that there is an appropriate strategic plan and that this is being carried out effectively. The day-to-day management of the Charity is delegated to staff through the Director of Centre. Board members are appointed following an open recruitment process ensuring that there is a balance of skills within the Board. Induction and training is carried out as necessary.
## **d. Risk management**
The Directors regularly consider the risks to which the charity is exposed, and take necessary action to limit exposure and the impact of significant risks. The Board believe that appropriate structures and reserves are in place to minimise foreseeable risks.
This report has been prepared taking advantage of the small companies’ exemption of section 415A of the Companies Act 2006.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................
## **Katherine Gardiner**
Treasurer Date: 07/12/2023
Page 5
**ISLINGTON ARTS FACTORY LIMITED**
**(A company limited by guarantee and registered charity)**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023**
## **Independent examiner's report to the Trustees of Islington Arts Factory Limited ('the Charity')**
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2023
## **Responsibilities and basis of report**
As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe in any material respect:
1. accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed:
Dated: 18 December 2023
Cara Miller ACCA
910 The Crescent, Colchester Business Park, Colchester, Essex, CO4 9YQ
Page 6
**(A company limited by guarantee and registered charity)**
## **ISLINGTON ARTS FACTORY LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023**
|**Note**
**Income from:**
Donations and grants
4
Charitable activities
5
Other trading activities
6
Investments
7
**Total income**
**Expenditure on:**
Charitable activities
8
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**
15|**Unrestricted**
**funds**
**2023**
**£**
**201**
**162,476**
**162**
**-**
|**Total**
**funds**
**2023**
**£**
**201**
**162,476**
**162**
**-**|_Total_
_funds_
_2022_
_£_
_38,956_
_116,308_
_166_
_5_|
|---|---|---|---|
||**162,839**|**162,839**|
_155,435_|
||
**161,179**
|
**161,179**|
_141,028_|
||**161,179**|**161,179**|
_141,028_|
||
|||
||**1,660**|**1,660**|
_14,407_|
||
**82,645**
**1,660**
|
**82,645**
**1,660**|
_68,238_
_14,407_|
||**84,305**|**84,305**|
_82,645_|
The Statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The notes on pages 9 to 21 form part of these financial statements.
Page 7
## **ISLINGTON ARTS FACTORY LIMITED**
## **(A company limited by guarantee and registered charity) REGISTERED NUMBER: 01394985**
## **BALANCE SHEET AS AT 31 MARCH 2023**
|**Note**
**Fixed assets**
Tangible assets
12
**Current assets**
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
**Net current assets**
**Total net assets**
**Charity funds**
Unrestricted funds
15
**Total funds**|**4,966**
**101,467**|**2023**
**£**
**130**
**130**
_3,348_
_95,129_
_98,477_
_(16,221)_
**84,175**
**84,305**
**84,305**
**84,305**|_2022_
_£_
_389_|
|---|---|---|---|
||||_389_
_82,256_|
||**106,433**
**(22,258)**|||
|||||
||||_82,645_|
||||
_82,645_|
||||_82,645_|
The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
## **Katherine Gardiner**
Treasurer Date: 07/12/2023
The notes on pages 9 to 21 form part of these financial statements.
Page 8
**ISLINGTON ARTS FACTORY LIMITED**
**(A company limited by guarantee and registered charity)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **1. General information**
Islington Arts Factory Limited is a company limited by guarantee and is registered with the Charity Commission (Charity Registered Number 277021) and Registrar of Companies (Company Registration Number 01394985) in England and Wales.
In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.
The address of the registered office is given in the Charity information on page 1 of these financial statements. The nature of the Charity’s operations and principal activities are detailed in the Directors Report.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Islington Arts Factory Limited meets the definition of a public benefit entity under FRS 102.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the Charity and rounded to the nearest pound.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## **2.2 Going concern**
The Trustees have assessed the use of going concern and have considered possible events or conditions that might cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. The Trustees have concluded that there is a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing these financial statements.
Page 9
**ISLINGTON ARTS FACTORY LIMITED**
**(A company limited by guarantee and registered charity)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **2. Accounting policies (continued)**
## **2.3 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfillment of those conditions is within the control of the Charity and it is probable that they will be fulfilled.
The Charity receives government grants in respect of furthering its charitable objectives. Income from government and other grants are recognised at fair value when the Charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.
Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the Charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.
## **2.4 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
## **2.5 Taxation**
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Page 10
**ISLINGTON ARTS FACTORY LIMITED**
**(A company limited by guarantee and registered charity)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **2. Accounting policies (continued)**
## **2.6 Tangible fixed assets and depreciation**
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
|Leasehold buldings|- 100%|
|---|---|
|Music equipment|- 25%|
|Office equipment|- 25%|
|Other equipment|- 33%|
## **2.7 Stocks**
Stocks are minimal and expended in the year of purchase.
## **2.8 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.9 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.
## **2.10 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Page 11
**ISLINGTON ARTS FACTORY LIMITED**
**(A company limited by guarantee and registered charity)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **2. Accounting policies (continued)**
## **2.11 Financial instruments**
The Charity only holds basic Financial Instruments. The financial assets and financial liabilities of the Charity are as follows:
Debtors - trade and other debtors (including accrued income) are basic financial instruments and are debt instruments measured at amortised cost as detailed in Note 13. Prepayments are not financial instruments.
Cash at bank - is classified as a basic financial instrument and is measured at face value.
Liabilities - trade creditors, accruals and other creditors will be classified as financial instruments, and are measured at amortised cost as detailed in Note 14. Taxation and social security are not included in the financial instruments disclosure. Deferred income is not deemed to be financial liability, as in the cash settlement has already taken place and there is simply an obligation to deliver charitable services rather than cash or another financial instrument.
## **2.12 Staff benefits**
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. Redundancy and termination costs are recognised as an expense immediately at the point the Charity is demonstrably committed to terminate the employment of an employee before normal retirement date.
## **2.13 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 or which have been raised by the Charity for particular purposes. The costs 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.
Investment income, gains and losses are allocated to the appropriate fund.
## **3. Critical accounting estimates and areas of judgment**
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:
- Allocation of support costs
- Depreciation rates for tangible fixed assets
Page 12
**(A company limited by guarantee and registered charity)**
## **ISLINGTON ARTS FACTORY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **4. Income from donations and grants**
|**Donations - current year**
Other donations
**Total 2023**
**Donations – prior year**
LB Islington
Job Retention Scheme
Other donations
_Total 2022_|**Unrestricted**
**funds**
**2023**
**£**
201
|**Restricted**
**funds**
**2023**
**£**
-|**Total**
**funds**
**2023**
**£**
**201**|
|---|---|---|---|
||201|-|**201**|
||_Unrestricted_
_funds_
_2022_
_£_
_18,064_
_20,334_
_558_
|_Restricted_
_funds_
_2022_
_£_
_-_
_-_
|_Total_
_funds_
_2022_
_£_
_18,064_
_20,334_
_558_|
||_38,956_|_-_|_38,956_|
In the prior year, government grants of £20,334 were received under the Job Retention Scheme, and a further £18,064 was received from LB Islington in relation to COVID support. At the prior year-end date, there were no unfulfilled conditions or other contingencies associated with this income. No government grants were received in the current year.
Page 13
## **ISLINGTON ARTS FACTORY LIMITED**
## **(A company limited by guarantee and registered charity)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **5. Analysis of income from charitable activities by type**
|Dance and visual arts class fees
Building and equipment fees|**2023**
**£**
**8,785**
**153,691**|_2022_
_£_
_9,592_
_106,716_|
|---|---|---|
||**162,476**|
_116,308_|
All income from charitable activities was unrestricted in both the current and prior year. On assessment, the prior year split between income from charitable activities has been updated, to better represent the underlying transactions.
## **6. Income from other trading activities**
|Equipment hire|**Unrestricted**
**funds**
**2023**
**£**
162|**Total**
**funds**
**2023**
**£**
**162**|_Total_
_funds_
_2022_
_£_
_166_|
|---|---|---|---|
## **7. Investment income**
|Bank interest receivable|**Unrestricted**
**funds**
**2023**
**£**
-|**Total**
**funds**
**2023**
**£**
**-**|_Total_
_funds_
_2022_
_£_
_5_|
|---|---|---|---|
Page 14
## **ISLINGTON ARTS FACTORY LIMITED**
## **(A company limited by guarantee and registered charity)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **8. Analysis of expenditure by activities**
|Charitable activities
Charitable activities|**Activities**
**undertaken**
**directly**
**2023**
**£**
119,440|**Support**
**costs**
**2023**
**£**
41,739|**Total**
**funds**
**2023**
**£**
**161,179**|
|---|---|---|---|
||
_Activities_
_undertaken_
_directly_
_2022_
_£_
_106,018_|
_Support_
_costs_
_2022_
_£_
_35,010_|
_Total_
_funds_
_2022_
_£_
_141,028_|
In the current and prior year, all charitable activities expenditure has been allocated to unrestricted funds.
## **Analysis of direct costs**
|Wages and salaries
Temporary staff
Dance and visual arts
Office costs
Premises and equipment|**Total**
**funds**
**2023**
**£**
**97,751**
**13,076**
**7,163**
**575**
**875**|_Total_
_funds_
_2022_
_£_
_93,248_
_4,384_
_6,362_
_665_
_1,359_|
|---|---|---|
||**119,440**|
_106,018_|
Page 15
## **ISLINGTON ARTS FACTORY LIMITED**
## **(A company limited by guarantee and registered charity)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **8. Analysis of expenditure by activities (continued)**
## **Analysis of support costs**
|Depreciation
Office costs
Premises and equipment
Governance costs
Governance costs have been analysed further in Note 9.|**Total**
**funds**
**2023**
**£**
**259**
**6,505**
**31,290**
**3,685**|_Total_
_funds_
_2022_
_£_
_260_
_5,376_
_25,053_
_4,321_|
|---|---|---|
||**41,739**|
_35,010_|
|||
|
## **9. Governance costs**
|Independent examiners remuneration
Other governance costs|**2023**
**£**
**2,880**
**805**|_2022_
_£_
_3,540_
_781_|
|---|---|---|
||**3,685**|
_4,321_|
Page 16
**(A company limited by guarantee and registered charity)**
## **ISLINGTON ARTS FACTORY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **10. Staff costs**
|Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**2023**
**£**
**90,989**
**4,299**
**2,463**|_2022_
_£_
_86,718_
_4,115_
_2,415_|
|---|---|---|
||**97,751**|
_93,248_|
The average number of persons employed by the Charity during the year was as follows:
|Administration
Cleaning and premises|**2023**
**No.**
**2**
**1**|_2022_
_No._
_2_
_1_|
|---|---|---|
||**3**|
_3_|
No employee received remuneration amounting to more than £60,000 in either year.
Page 17
**(A company limited by guarantee and registered charity)**
## **ISLINGTON ARTS FACTORY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **11. Trustees' remuneration, Key Management Personnel and expenses**
The Charity considers its Key Management Personnel to comprise the Trustees and Company Secretary and Director of Centre. The total amount of employee benefits received by Key Management Personnel in the year, including employer National Insurance Contributions, was £52,014 (2022 - £50,995).
The Trustees neither received nor waived any remuneration during the year (2022 - £Nil). During the year ended 31 March 2023, no Trustee expenses have been incurred (2022 - _£_ Nil).
## **12. Tangible fixed assets**
|**Cost or valuation**
At 1 April 2022
At 31 March 2023
**Depreciation**
At 1 April 2022
Charge for the year
At 31 March 2023
**Net book value**
At 31 March 2023
_At 31 March 2022_|**Land and**
**buildings**
**£**
**60,753**|**Music**
**equipment**
**£**
**11,520**
**11,520**
**11,520**
**-**
**11,520**
**-**
_-_|**Office**
**equipment**
**£**
**17,801**
|**Other**
**equipment**
**£**
**36,717**|**Total**
**£**
**126,791**
**126,791**
**126,402**
**259**
**126,661**
**130**
_389_|
|---|---|---|---|---|---|
||**60,753**||**17,801**
|
**36,717**||
||**60,753**
**-**||
**17,412**
**259**
|
**36,717**
**-**||
||**60,753**||**17,671**
|
**36,717**||
||**-**||**130**|**-**||
||_-_||_389_|_-_||
Page 18
## **ISLINGTON ARTS FACTORY LIMITED**
## **(A company limited by guarantee and registered charity)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **13. Debtors**
|**Due within one year**
Prepayments and accrued income
**14.**
**Creditors: Amounts falling due within one year**
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
**Deferred income movements**
Deferred income brought forward
Resources deferred during the year
Amounts released from previous periods
**Deferred income carried forward**|**2023**
**£**
**4,966**|_2022_
_£_
_3,348_|
|---|---|---|
||**4,966**|
_3,348_|
||
**2023**
**£**
**6,373**
**2,214**
**724**
**12,947**|
_2022_
_£_
_1,685_
_5,027_
_102_
_9,407_|
||**22,258**|
_16,221_|
||
**2023**
**£**
**1,346**
**1,753**
**(1,346)**|
_2022_
_£_
_1,012_
_1,346_
_(1,012)_|
||**1,753**|
_1,346_|
Deferred income relates to booking deposits received in advance of the following financial year.
Page 19
## **ISLINGTON ARTS FACTORY LIMITED**
## **(A company limited by guarantee and registered charity)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **15. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted funds**
General funds
**Statement of funds - prior year**
**Unrestricted funds**
General funds|**Balance at 1**
**April 2022**
**£**
**82,645**|**Income**
**£**
**162,839**|**Expenditure**
**£**
**(161,179)**|**Balance at**
**31 March**
**2023**
**£**
**84,305**|
|---|---|---|---|---|
||
_Balance at_
_1 April 2021_
_£_
_68,238_|
_Income_
_£_
_155,435_|
_Expenditure_
_£_
_(141,028)_|
_Balance at_
_31 March_
_2022_
_£_
_82,645_|
## **16. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|Tangible fixed assets
Current assets
Creditors due within one year
**Total**|**Unrestricted**
**funds**
**2023**
**£**
130
106,433
(22,258)|**Total**
**funds**
**2023**
**£**
**130**
**106,433**
**(22,258)**|
|---|---|---|
||84,305|
**84,305**|
Page 20
**ISLINGTON ARTS FACTORY LIMITED**
**(A company limited by guarantee and registered charity)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **Analysis of net assets between funds - prior year**
|Tangible fixed assets
Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_2022_
_£_
389
98,477
(16,221)|_Total_
_funds_
_2022_
_£_
_389_
_98,477_
_(16,221)_|
|---|---|---|
||82,645|
_82,645_|
## **17. Related party transactions**
The daughter of the Secretary and Director of Centre is an employee of the Charity, and during the year was paid £36,736 (2022 - £28,189) for the role of Office Manager. The Secretary and Director of Centre was not present for any discussions nor were they involved in the setting of pay upon employment by the Charity, which is at market rate. There were no other Related Party transactions in either year.
Page 21