Docusign Envelope ID: 3641D71E-CE78-421D-B957-56F79B7C1553 **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 SIX MONTHS TO 30 SEPTEMBER 2024** Docusign Envelope ID: 3641D71E-CE78-421D-B957-56F79B7C1553 **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 – 4| |**Independent examiner's report**|5| |**Statement of financial activities**|6| |**Balance sheet**|7| |**Notes to the financial statements**|8 - 19| Docusign Envelope ID: 3641D71E-CE78-421D-B957-56F79B7C1553 ## **ISLINGTON ARTS FACTORY LIMITED** **(A company limited by guarantee and registered charity)** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE SIX MONTHS TO 30 SEPTEMBER 2024** |**Trustees**|Michael O’Keefe,Chair| |---|---| ||Katherine Gardiner,Treasurer| ||Janet Fleming| |**Company registered**
**number**
01394985
**Charity registered**
**number**
277021
**Registered office**
2 Parkhurst Road
London
N7 0SF
**Secretary and Director**
**of Centre**
Elizabeth Lerpiniere
**Independent Examiner**
Jackson & Graham
Lynn Garth
Gillinggate
Kendal
LA9 4JB
**Bankers**
The Co-operative Bank
1 Islington High Street
London
N1 9TR|| Page 1 Docusign Envelope ID: 3641D71E-CE78-421D-B957-56F79B7C1553 ## **ISLINGTON ARTS FACTORY LIMITED** **(A company limited by guarantee and registered charity)** ## **TRUSTEES' REPORT FOR THE SIX MONTHS TO 30 SEPTEMBER 2024** The Trustees present their final report together with the financial statements of the Charity for the six months from 1 April 2024 to 30 September 2024. The report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Trustees’ 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** The Charity has long been struggling with the poor state of the building, with leaking roofs and being impossible to heat effectively in winter. The landlord had no plans to improve the building structure, and the Charity could not fundraise with a tenancy at will, that meant the lease could be terminated at any time with no notice. Given the poor state of the building and the hard work required to keep it functioning adequately at a level to meet increased costs of maintenance and electricity, the Trustees decided to cease activities at the end of the 2023 - 2024 academic year on 9 August 2024. As such these accounts are prepared on a closure basis, and not a going concern basis. They include the accrual of known closure costs. ## **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: Having made the decision to cease the activities of the Charity on 9 August 2024, the 6 month period from 1 April 2024 to 30 September 2024 saw the continuation of activities over the Summer term. Closure of the Charity and Company is ongoing while accounts are finalised and waiting on receipt of the final debt from HMRC due to maternity pay reclaims. Page 2 Docusign Envelope ID: 3641D71E-CE78-421D-B957-56F79B7C1553 ## **ISLINGTON ARTS FACTORY LIMITED** **(A company limited by guarantee and registered charity)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE SIX MONTHS TO 30 SEPTEMBER 2024** ## **c. Staffing and self-employed workers** Staff numbers continued to be three during the six month period, with two subsequently being made redundant after the end of Summer term, with the Director of Centre being made redundant on the final closure of the Charity and Company. ## **Financial review** ## **a. Financial review** The Charity’s activities in the six months continued as usual for the Summer term. Pro-rata income increased a little from the previous year, buoyed by loyal clients keen to make use of the characterful facilities while they could. Overall there was a small trading surplus made of £197 (year 2024: £7,673 deficit), before closure costs. Closure costs of wrapping up the business and paying redundancies are estimated as £76,829, using up unrestricted reserves leaving a balance of nil. ## **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. The reserves policy was to hold reserves at a level to be able to close the charity in a well-managed way over a period of say six months. This would mean reserves would need to be at least around £80,000. The level of unrestricted funds at 1 April 2024 was £76,632, and the trustees made the decision to cease activity given the downward turn of our reserves level, together with the inaction of our landlord to maintain the structure of the building, and their aspiration to charge a more commercial rent. The reserves are adequate to close the Charity and Company in an orderly manner, and settle remaining accounts including staff redundancy, leaving nil reserves. ## **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 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’. ## **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. Page 3 Docusign Envelope ID: 3641D71E-CE78-421D-B957-56F79B7C1553 ## **ISLINGTON ARTS FACTORY LIMITED** ## **(A company limited by guarantee and registered charity)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE SIX MONTHS TO 30 SEPTEMBER 2024** ## **b. Directors** The members of the Board are the Directors of the Charity. Those who served during the period are: Terry Slater, Chair – resigned 9 August 2024 Michael O’Keefe, Chair Katherine Gardiner, Treasurer Janet Fleming ## **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. **Finally we would like to express a huge thank you to Elizabeth Lerpiniere as Director of Centre, and her staff, for running such a wonderfully vibrant and inspiring centre for art, dance and music. Their legacy will live on in the hearts and minds of countless children and adults who have been touched by the magic of Islington Arts Factory.** 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: 15 December 2025 Page 4 Docusign Envelope ID: 3641D71E-CE78-421D-B957-56F79B7C1553 ## **ISLINGTON ARTS FACTORY LIMITED** **(A company limited by guarantee and registered charity)** ## **INDEPENDENT EXAMINER'S REPORT FOR THE SIX MONTHS TO 30 SEPTEMBER 2024** ## **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 six months ended 30 September 2024. ## **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: 15 December 2025 Jon Simon-Norris ACA Lynn Garth, Gillinggate, Kendal, Cumbria LA9 4JB Page 5 Docusign Envelope ID: 3641D71E-CE78-421D-B957-56F79B7C1553 ## **ISLINGTON ARTS FACTORY LIMITED** **(A company limited by guarantee and registered charity)** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE SIX MONTHS TO 30 SEPTEMBER 2024** |**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 income surplus / (deficit)**
**Extraordinary item: net costs of closure**
12
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**
16|**Unrestricted**
**funds**
**September**
**2024**
**£**
**-**
**54,292**
**-**
**514**|**Total**
**funds**
**September**
**2024**
**£**
**54,292**

**514**|_Total_
_funds _
_year to_
_March 2024_
_£_
_277_
_147,595_
**-**
_18_
_-_
_147,890,_
_155,563_
_155,563_
_(7,673)_
_-_
_(7,673),_
_84,305_
_(7,673)_
_76,632,_| |---|---|---|---| ||**54,806**|**54,806**|| ||**54,609**|**54,609**|| ||**54,609**|**54,609**|| ||**197**
**(76,829)**|**197**
**(76,829)**|| ||**(76,632)**|**(76,632)**|| ||**76,632**
**(76,632)**|**76,632**
**(76,632)**|| ||-|**-**|| The Statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities. The notes on pages 8 to 19 form part of these financial statements. Page 6 Docusign Envelope ID: 3641D71E-CE78-421D-B957-56F79B7C1553 ## **ISLINGTON ARTS FACTORY LIMITED** **(A company limited by guarantee and registered charity) REGISTERED NUMBER: 01394985** **BALANCE SHEET AS AT 30 SEPTEMBER 2024** |**30 September**
**2024**
**Note**
**£**
**Fixed assets**
Tangible assets
13
**-**
**-**
**Current assets**
Debtors
14
**3,023**
_4,418_
Cash at bank and in hand
**37,653**
_83,772_
**40,676**
_88,190_
Creditors: amounts falling due within one
year
15
**(40,676)**
_(11,558)_
**Net current assets**
**-**
**Total net assets**
**-**
**Charity funds**
Unrestricted funds
16
**-**
**Total funds**
**-**|_31 March_
_2024_
_£_
_-_| |---|---| ||_-_
_76,632_| ||_76,632_| ||_76,632_| ||_76,632_| 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 period 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: 15 December 2025 The notes on pages 8 to 19 form part of these financial statements. Page 7 Docusign Envelope ID: 3641D71E-CE78-421D-B957-56F79B7C1553 ## **ISLINGTON ARTS FACTORY LIMITED** **(A company limited by guarantee and registered charity)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2024** ## **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 periods presented unless otherwise stated. ## **2.2 Going concern** The Trustees made the decision to close the Charity, given the poor state of the building and the hard work required to keep it functioning adequately at a level to meet increased costs of maintenance and electricity. The Charity’s activities ended at the end of the 2023-24 academic year on 9 August 2024. As such these accounts are prepared on a closure basis, and not a going concern basis. They include the accrual of known closure costs. Page 8 Docusign Envelope ID: 3641D71E-CE78-421D-B957-56F79B7C1553 ## **ISLINGTON ARTS FACTORY LIMITED** **(A company limited by guarantee and registered charity)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2024** ## **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 fulfilment 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 9 Docusign Envelope ID: 3641D71E-CE78-421D-B957-56F79B7C1553 ## **ISLINGTON ARTS FACTORY LIMITED** **(A company limited by guarantee and registered charity)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2024** ## **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 buildings|- 100%| |---|---| |Music equipment|- 25%| |Office equipment|- 25%| |Other equipment|- 33%| ## **2.7 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. ## **2.8 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. ## **2.9 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 10 Docusign Envelope ID: 3641D71E-CE78-421D-B957-56F79B7C1553 ## **ISLINGTON ARTS FACTORY LIMITED** **(A company limited by guarantee and registered charity)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2024** ## **2. Accounting policies (continued)** ## **2.10 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 14. 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 15. 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. ## **2.11 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 period. 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. ## **2.12 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 11 Docusign Envelope ID: 3641D71E-CE78-421D-B957-56F79B7C1553 ## **ISLINGTON ARTS FACTORY LIMITED** **(A company limited by guarantee and registered charity)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2024** ## **4. Income from donations and grants** |Donations
**Total Donations**
Donations were unrestricted in the prior year.|**September**
**2024**
**£**
-|_March_
_2024_
**_£_**

_277_
_277_| |---|---|---| ||-|| |||| ## **5. Analysis of income from charitable activities by type** |Dance and visual arts class fees
Building and equipment fees|**September**
**2024**
**£**
**4,091**
**50,201**|_March_
_2024_
_£_
_12,073_
_135,522_
_147,595_| |---|---|---| ||**54,292**|| All income from charitable activities was unrestricted in both the current six month period and prior year. ## **6. Income from other trading activities** |Equipment hire|**Unrestricted**
**funds**
**September**
**2024**
**£**
-|**Total**
**funds**
**September**
**2024**
**£**
**-**|_Total_
_funds_
_March_
_2024_
_£_
_18_| |---|---|---|---| Page 12 Docusign Envelope ID: 3641D71E-CE78-421D-B957-56F79B7C1553 ## **ISLINGTON ARTS FACTORY LIMITED** ## **(A company limited by guarantee and registered charity)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2024** ## **7. Investment income** |Bank interest receivable|**Unrestricted**
**funds**
**September**
**2024**
**£**
514|**Total**
**funds**
**September**
**2024**
**£**
**514**|_Total_
_funds_
_March_
_2024_
_£_
_-_| |---|---|---|---| ## **8. Analysis of expenditure by activities** |Charitable activities
_Prior year_
Charitable activities
**Analysis of direct costs**
Wages and salaries
Temporary staff
Dance and visual arts
Office, premises and equipment costs|**Direct**
**activities**
**September**
**2024**
**£**
43,762|**Support**
**costs**
**September**
**2024**
**£**
10,847|**Total **
**funds**
**September**
**2024**
**£**
**54,609**
_Total_
_funds_
_March 2024_
_£_
_155,563_
_March_
_2024_
_£_
_97,245_
_7,692_
_7,701_
_1,570_
_114,208_| |---|---|---|---| ||
_Activities_
_undertaken_
_directly_
_March 2024_
_£_
_114,208_|
_Support_
_costs_
_March 2024_
_£_
_41,355_|| |||**September**
**2024**
**£**
**36,267**
**3,536**
**3,042**
**917**|| |||**43,762**|| Page 13 Docusign Envelope ID: 3641D71E-CE78-421D-B957-56F79B7C1553 ## **ISLINGTON ARTS FACTORY LIMITED** ## **(A company limited by guarantee and registered charity)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2024** ## **8. Analysis of expenditure by activities (continued)** ## **Analysis of support costs** |Depreciation
Office costs
Premises and equipment
Governance costs|**Total**
**September**
**2024**
**£**
**-**
**1,843**
**7,764**
**1,240**|_Total_
_March_
_2024_
_£_
_130_
_6,520_
_33,112_
_1,593_| |---|---|---| ||**10,847**|_41,355_| Governance costs have been analysed further in Note 9. ## **9. Governance costs** |Independent examiners remuneration
Other governance costs|**September**
**2024**
**£**
**400**
**840**|_March_
_2024_
_£_
_800_
_793_
_1,593_| |---|---|---| ||**1,240**|| Page 14 Docusign Envelope ID: 3641D71E-CE78-421D-B957-56F79B7C1553 ## **ISLINGTON ARTS FACTORY LIMITED** **(A company limited by guarantee and registered charity)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2024** ## **10. Staff costs** |Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**September**
**2024**
**£**
**35,311**
**(160)**
**1,116**|_March_
_2024_
_£_
_91,014_
_3,792_
_2,439_
_97,245_| |---|---|---| ||**36,267**|| The average number of persons employed by the Charity during the period was as follows: |Administration
Cleaning and premises|**September**
**2024**
**No.**
**2**
**1**|_March_
_2024_
_No._
_2_
_1_
_3_| |---|---|---| ||**3**|| No employee received remuneration amounting to more than £60,000 in either period. ## **11. Trustees' remuneration, key management personnel and expenses** The Charity considers its key management personnel to comprise the Trustees and Company Secretary/ Director of Centre. The total amount of employee benefits received by key management personnel for the six month period, including employer National Insurance contributions, was £23,109 (year to March 2024 - £46,999). The Trustees neither received nor waived any remuneration during the period (2024 - £Nil). During the six months to 30 September 2024, no Trustee expenses have been incurred (2024 - _£_ Nil). Page 15 Docusign Envelope ID: 3641D71E-CE78-421D-B957-56F79B7C1553 ## **ISLINGTON ARTS FACTORY LIMITED** ## **(A company limited by guarantee and registered charity)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2024** ## **12. Extraordinary item: net costs of closure** The Charity ceased its charitable activities on 9 August 2024. The net costs of closure are expenditure to close down the Charity and Company, including salaries, redundancies and other termination costs, less bank interest received. ## **13. Tangible fixed assets** |**Cost or valuation**
At 1 April 2024
Disposal on closure
At 30 September 2024
**Depreciation**
At 1 April 2024
Disposal on closure
At 30 September 2024
**Net book value**
At 30 September 2024
_At 31 March 2024_|**Land and**
**buildings**
**£**
**60,753**
**(60,753)**|**Music**
**equipment**
**£**
**11,520**
**(11,520)**|**Office**
**equipment**
**£**
**17,801**
**(17,801)**|**Other**
**equipment**
**£**
**36,717**
**(36,717)**|**Total**
**£**
**126,791**
**(126,791)**| |---|---|---|---|---|---| ||**-**|**-**|**-**|**-**|**-**| ||**60,753**
**(60,753)**|**11,520**
**(11,520)**|**17,801**
**(17,801)**|**36,717**
**(36,717)**|**126,791**
**(126,791)**| ||**-**|**-**|**-**|**-**|**-**| ||**-**|**-**|**-**|**-**|**-**| ||_-_|_-_|_-_|_-_|_-_| Page 16 Docusign Envelope ID: 3641D71E-CE78-421D-B957-56F79B7C1553 ## **ISLINGTON ARTS FACTORY LIMITED** ## **(A company limited by guarantee and registered charity)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2024** ## **14. Debtors** |**Due within one year**
Prepayments and accrued income
Other taxation
**15.**
**Creditors: Amounts falling due within one year**
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Accruals for closure costs
**Deferred income movements**
Deferred income brought forward
Resources deferred during the period
Amounts released from previous periods
**Deferred income carried forward**|**September**
**2024**
**£**
**1,317**
**1,706**|_March_
_2024_
_£_
_4,418_
_-_
_4,418_
_March_
_2024_
_£_
_-_
_-_
_469_
_11,089_
_-_
_11,558_
_March_
_2024_
_£_
_1,753_
_450_
_(1,753)_
_450_| |---|---|---| ||**3,023**|| ||**September**
**2024**
**£**
**-**
**-**
**277**
**1,200**
**39,199**|| ||**40,676**|| ||**September**
**2024**
**£**
**450**
**-**
**(450)**|| ||**-**|| Deferred income relates to booking deposits received in advance of the following financial period. Page 17 Docusign Envelope ID: 3641D71E-CE78-421D-B957-56F79B7C1553 ## **ISLINGTON ARTS FACTORY LIMITED** **(A company limited by guarantee and registered charity)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2024** ## **16. Statement of funds** **Statement of funds - current period** **----- Start of picture text -----**
Balance at
30
Balance at September
1 April 2024 Income Expenditure 2024
£ £ £ £
Unrestricted funds
General funds 76,632 54,806 131,438 -
Statement of funds - prior year
Balance at
Balance at 31 March
1 April 2023 Income Expenditure 2024
£ £ £ £
Unrestricted funds
General funds 84,305 147,890 (155,563) 76,632
**----- End of picture text -----**
## **17. Analysis of net assets between funds** ## **Analysis of net assets between funds - current period** |Current assets
Creditors due within one year
**Total**|**Unrestricted**
**funds**
**September**
**2024**
**£**
40.676
(40,676)|**Total**
**funds**
**September**
**2024**
**£**
**40,676**
**(40,676)**| |---|---|---| ||-|**-**| Page 19 Docusign Envelope ID: 3641D71E-CE78-421D-B957-56F79B7C1553 ## **ISLINGTON ARTS FACTORY LIMITED** ## **(A company limited by guarantee and registered charity)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2024** ## **17. Analysis of net assets between funds continued** ## **Analysis of net assets between funds - prior year** |Tangible fixed assets
Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_March 2024_
_£_
_-_
_88,190_
_(11,558)_|_Total_
_funds_
_March 2024_
_£_

_-_

_88,190_

_(11,558)_| |---|---|---| ||_76,632_|_76,632_| ## **18. Related party transactions** The daughter of the Secretary/ Director of Centre is an employee of the Charity, and during the six month period was paid £16,888 (2024 - £39,984) for the role of Office Manager, and £30,000 redundancy. The Secretary/ 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 period. Page 19