Charity registTltion number 702781 Company regSslratlon numljer 02391543 (England and Wale51 FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORMATION Trusto0s Katie Moffal Sheralee Lockhart Ruth Catlow Cli1oe Courtney Maleka Egeonu-Roby Bea Freetran Thomas Harris (Appointed 8 February 20241 (Appointed 23 May 20241 Senior Staff Chlef Execullve Head ol Prograrnme ead c)f Biisines8 & Op8ralions Nlcola Triscott Mailreyi Maheshwari Jarnes Harnmond Secretary Nicola Trisoolt Charlly number 702781 Company number 02391543 R•gistèrèd offic• 88 Wtt)d Slréèl Liverpool L14DQ Audltor DSG Audit Castle Chambers 43 Castle Street Llverpool L2 9TL Bank•rs Naet Bank Clty Office 2-8 Chur¢h Slrfjgt Liverpool L13BG
FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE CONTENTS Page Trustees. Ipport Statemènt or Irusl8gs' responslbllllles Indèpandent 8udllor's report 10- 12 Statement ol financial activities 13 Ba18nce sheol 14 Ststemenl of cash flows 15 Not8s lo thè financial stat•m8nls 1é-30
FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Th8 Irust88s pr8sent Ih8ir annual report and financial statements lor Iha y8ar end8d 31 March 2024. The fin8nei81 ststemeni$ have been prepared in 8c¢ord8n¢e with the 8¢¢0unb"ng poli¢ies set out in note I to the fin8nci81 slatetnenls and cotnply wilh the charity's tnetnorandum and artscles of associatson, the Cotnpanie5 Act 2006 and 'Accounling nd Reporting by Charrties". Staternent of Recorlltnended Practice applicable lo charitie5 preparing their accounts in accordance wilh the FlnancSal Reporting Standard applicable In the UK and Republic ol Irelend IFRS 1021" leffectSvè 1 January 20191. Objectives and activitie FACT'S charitable objective, as defined in the lalesl Artides of Ass(Liation approved in February 2022, is lo prornol8 the arts and catIVe technology and to ad4ance the education in this field for the benefit ol the public. Publlc bon•flt The Iru$tegs hav& paid dug 19gard lo guldan¢¥ issued by the Charity Commison in dg¢iding yvhol a¢tivi1S¥s thg ¢harity should underiake and consider that Ihe ch8ritsble obj8olives have LEen discharged through the lollowlng aclivilles- Fr99 to g¢cg$s exhibitions thIn th$ FACT Cgntr? building Free lo access and low-cost workshops, events, and particiFfjtory proje¢ts that provide educalional, p8rti¢ipalion and engagemanl objectives Free lo access, Iow-¢osI an¢ pald ¢olpnl develgprneni oppgrtyJnllles ond commlsslon$ for ortlsl$, ¢uraiors and rilmtnakers Fr88 to acc8S8 exhiblllons or scro8nlngs at olh8r locatlon5 and v8nu88 Free on.llne content vla the FACT website The Iru8lees believe Ihal the Gharily genuinely disGharg85 its duty ol Gare relating lo public benefit and wlll conilnue lo undertake addition81855essmenl to undedine Ihe ch8rity'5 effectiveness in this respect. Vlslon, Purpou & Off•r FACT Is a ¥vorfd-leading centre for contÈmporary art, filrn and the creative use ol technology. Located in the heart ol Liverpool, we are 8 friendly social gpace working with artists and people lo create Ir8nsforMalive experiences that spark the irnaginalion and enrich lives. As a place lo help make sense of the world today, FACT provides opportunities across 3 variety ol plattoms for people to create, interact and listen. We champion new ideas and experiences, nurturing a diverse lutLJre 9&n8ralion of arllsls, fllmmakers, craalive makèrs, irnaglni81s and ¢rilie31 Ihlnkers. and supporting young p8opI8 and 8m&rgSng ariists lo gain Lurilidtrnce, skills trxperitrnce. FACT aim8 to provide.. A worlLI-leading programm& ol 8xhibitic>ns and projects al the inler8e¢bon of 8rt. film, technology, and society, offering inspiring extraordinary cultural and learning experiences for div8rse audiences, particularly young people. Talent and car¢r d$velopm¥nl opporiunili&$, including re$idenoos, ¢ommissions, monloring, Iraing8ships ond training stheme5 for young and ernerying art15ts and creative profession815. UniqiJe opportunities for 11-17-year-olds frorn diversg backgrounds lo parbcipale in art and creatlV9 technology projects. exploring and creating new art and knowledge with social impact through collabLiration with artists, scientists and lechnologisls. A diwer5e and 3killed leadership and .ort(forCe, and a model of operation that is swtainable financially and anvironmentally.
FACT LIVERPOOL
COMPANY LIMITED BY GUARANTEE
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Achlovements and Performanco durlng th? Yoar
Th8 year has s88n a strong and continu8d r8COV8ry posI-pand8mic, with visits to the buildng up 20% on 2022123 at 192,103.
and 58,159 vis115 to Ihe galleries, an increase of 27% on 22123.5 numbers. This means Ihit gallery oudiences are bock to (in
fact. slightly above) 2018119 levels and nolaNy constitute a larger pportion ol building visitors at 30% as again8t 23% in
2018119, as a result of the pOst-pdeMiC decline in cinema audiences and cafe visitors.
Our annual gxhibilions progratnme slaried strongly in April with the 8xhibilion"LuYang Arcade Liverpool. and immersive
experienee'Repelitive Beats., During the Summer, the Liverpool Biennial comrnission"Respire" by Eelinda
K82eem-Kamiriski was shown In FACT'S main gallery, while LuY8ng'$ arcade ¢onlinued In the foyer and public 8reas of the
building, its visibility instrumental in attracting a crossover cinema audience. The fecord-breaking double filrn feleas8 01
'Barbie" and'oppenheimer" sho17 in the Picturehouse screens helped to build strong Summer visitor nurnbers. Opening in
Octob8r 8nd colncldlng our wall-allend8d 20th anniversary weekend. FACT'S Wlnl8r 8xhibllions Jenkin van Zyl'8
"Surrenderf, and Uma 8r8akdown's"Earth A.0. 2" were our most successful since the pandemic in t8rms of visitor numb8rs.
The year concluded wilh the opening of 'On the other side. an exhibition that inclLJded two artists, commissions created in
eollalx>rallon with p8oplts in the erlmin81 lusli¢8 system a8 part ol our long-18rm programm8 R8solulion.
FAcfs youn9 people's and lelenl developrnenl initiatives continued to develop and expand. Our young people's engagement
èveloped through c¢llaborallon8'Nllh arUsl8 and a partn8rshSp with Clattèrbrldye Canear C8ntrè,188dlng 1¢ Impa¢ttul prolects
such as a film night and podcast s8ries. Our SludiolLab ialent devek>pmenl programme gav8 Vital support to arb'sts and
Curators, and gave FACT artisls-in-residence platforms tD exhibit their work.
During the year, FACT made signilicanl strides in environmental sustainability. The completion ol ffte second phase of our
solar paiivl proje¢l in January 1118rked a niile&loi)¥ it) vur suslainabilily ¥ffori$, uti(J¥rs¢oriw our Gonii)iilnietil lo reduciiig
entrrgy costs. Addilion8lly, thè instsllation ol a ntw Building Managemani System has provided us with onhan¢ed ¢onlrol ovèr
heating and c
FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Exhlbitlons Prograrnme In 2023, FACT pr8senl8d a div8rs4J and thou9ht-provoking ran98 of 8xhibitions across its thre8 gall8ry spaces and spilling into the publi¢ areos of the building, exploring Ihetnes from histQli¢81 ¢ultvral mDvements l) ¢ontetnporory soThetg1 issues, utilising a variety ol m8dia and technological forms, including virtual r&alily. inieraetive instsllations, vid80 games, and immersive audiovisual 2xperiences. In Pursult of RepetStlve Beats120 Aprll- 14 May 20231 Coinciding with the Eurovision culiural festival. Ihis VR experience by Darren Emerson took viewers back lo 1989, immer8ing them in the search for an illegal rave. The exhibition celebrated the Acid House movement and Liverpoal's role in the UK'S club scgn$. Dgsp119 hl9h ongagarntrnt and posS1ivtr f&$dba¢k. Ihg gXP9riment with a pald tkk$t¢d mod91 rtrsullgd in o Ilrian¢io1 105s, primarily due lo hvah staffing Gosl3 and the £20 ts'Gkel pri¢9. whith was identified 85 a barrier. Nevertheless, 904h ol audiences rated the experience as excellent, with many suggestin9 a lower pri point of £12-15. Luyang Arcado LIvgrpool128 Aprll - 17 S•ptornbgr 20231 Thls axhlbltlon iranslormed FACT'S foyor gallary Into an Int8ractiv8 gaming arcad8, f8alurng rld8von moiorblk8s. arcade machines, dance mats. and rnultirfhannel film works. Luyang's imrnersive worfds, inspired by anime, S¢ffi, and Buddhism, chall8ng8d binary idéas ol Idantity and •xist8nc8. Th8 8xhibilion attracl8d around 700 vlsilors w88kly. wSth many appr8clats.ng the Iree-tv-pliay arciide machine5 and relurnirig for rÈp8BI v1511s, p(lrtiGularty young people, B•llnda Kaz••m-Kamlriskl - R•splr8, Llv•rpool Bl•nnlal110 Jun•- 17 S•pt•mb•r 20231 As part of the Liverpool Biennial, this imrnersive audiovisual experience explored the th8rn8 ol Black breath as a form ol liberation. Filmed with local participants, the worf( resonated deeply wlh audiences. who Fraised its medilalive and impaciful nature. The exhibrtion hiohliuhled the imporlanco of ¢818)raling l(>c81 people and pla¢8s. Chlla Kumarl 81ngh Burman - Mar8•yldo Bumian Emplrg Ito 27 Auou•t 20231 This experimental gallery space, designed by 8umian, continued to serve a5 a hub for residencie5, workshop5, and events, 11 rgmoined popular with visitors 0$ a placg for rellg¢lion 8nd gng8gern¥nl. FACT Toq¢th•r'. GLOR1A & K•rolalna Llnk•vlGa {10 Jun•- 16 July 20231 2021 FACT Together ¥lists GLORIA 8nd Kerol8in3 Linkevi¢3 $how¢ased their online ¢OMmissions GloR1A's"Orun-Rere. SWARM Prototype 4,120221 and Linkovica's'Primordia"120221 as lomporary physical installations, off8ring auditrnces chancè to ¥xperienetr thes• innovalv8 works in a nw fomiat. FACT Togèther.. Oongnl Llang, Nlcolè Prlor. Charlotté SoLrthall and Ell1• T0r3{a S•pt•mbor- 26 Nov•mb•r 20231 2022 FACT Together ¥tisls showca8e¢J their new online commissions as physical inslallalions= Donwi Li8ng's"Kudzu Whispers 120231. Nicde Prior's"Lab Our'120231. Charlotte Southall's "The Perfecl Influence'120231 and Ellie Tower5 Rest R¢)oms" 120231. J•nkln Van Zyl.. SurMd•r119 O¢lob•r 2023- 28 January 2024} This extremely popular imrner5ive exhibition delved into 50¢ietal anxieties and their influence on culture. Through J hallucinatory ffilm-wodd c8ntrod around a grueling onduranc6 danc¥ marathon, prèsented in tha bolly of a giant silvor rat. Jenkin Van Zyl created a tran5forrnative experience that invited audience5 to explore Ihernes of pri)ductivity, escapism. and community. Urna 8roakdown= Earth A.D. 2119 October 2023 - 28 January 20241 Uma Breakdown's work, (x)-comnissioned by Wy$ing Arts Centre, FACT LiverpMI, and QUAD, explored Gothic narratives and Irans 501idaiity through irnmeT5ive installation, wnling, and video games. Inviting audien$ lo consider themes of repair,
FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 On the other slde11 March- 9 June 20241 This exhibilipn fealurpd works by Mglanig Cr98n, K¥lrin< Palmgr, snd Pilvi Takala, addig9sing thg irnpad of systgms Of power on individuals and communities. Crean and Palrner had collaborated with participants with firslhand experienrE of the criminal justice systern, while Pilvi had worked - inits'ally undercover- as a private security guard. Through their works, the artists made visibl8 th8 compl8x id8nlili8s shaped by thes8 environN8nts. Through vid80 inslallalions and participatory artworks. Ihe exhibition offered a critical reflection on justice. power, and social order. FACT commlsslons nallonally and Intornatlonally In 2023124. FACT'S commissioned works were showcased at numerous national and inlemalional v8nues. highlohting the olobal reach and impact ol its Ortistio collaboraliDns. Larissa Sansour and Soren Lind's lilrn As If No Klisfortune Had Occurred in the Night120221 was fealured in prestigious 183livals and 5creening5 across Europe, Asia, and the Americas. including thè Inl&malional Film Festival Rotterdam and Prismalic Ground in New York. The Inewl Conslellation, FACT'S 2022 EMARE Artists-in-Residen¢e, presenied Retraining L8zines$120231 al exhibitions in Austria, Poland, and Finland, attra¢iing over 15,000 viewers. Olhtsr notable presenl81ions included commissions by Erin Did(son, Um8 Br&akdown, Larry Achiampong & David Blandy, and elements from Chila Kumari Singh Burman's Merseyside Burman Empire, strengthening FACT'S role as signthcant inlluenee in Ihe internation81 arts sèctor. Fllm ProgrJmm• Continuing to build our film profile and audiences. through the year FACT presented a diverse film prograrnme that highlighted ¢ullural, 8o¢ial, and poiitscal themes. Key screenings Included f6alures exploring female Asian Idenlily alongside Chila Burman's 8xhibilion and reelling8 of ihree slitsrt films by Luyang's Short films in connection Tmlh Luyang Arcade Liverpool. The Beyond Human season. inspired by Luyang's work, featured a series of films that question what il means to b¢ human. Th¢ Artlsl$ Selgcts film sgason fg8lur9d ¢ural¢d films by artists Urng Breakdwn and JgnkSn Van Zyl. wllh Il¢ktrl prices adjusted lor accessibility. FACT also programtn8d a Palestinian filtn sea50n. rai8ing £880 lor Nledical Aid lor Paleslinig115. Addilioiially, FACT received fundin9 fioin Filim Hub Nortli to SUPPDrt ils Cineina iii the City piograrnnie foi tliie¢ years, The first ol four p18nned weekgnd gvenls look plae offsite 81 Ex¢han9e Slalion wilh film8 celebrating LGBTQ+ History Month. Events Programme Through th8 y•ar, w8 stad a div8rs8 array of 8v•nls, includlng Ashl•y Holmes, sound composition listening gvènt, a virtual reading group on LuYang'5 art. and a discussion with Johanna Hedya and Utna 8reakdO. Highlights included"Reimaginng Black Futures. 8 comrnissioned event celebrating Black creativity, Lunar New Year activities, and Collective Encounters, "Communlly Chronicl#s" rfOrManC0 8xplorlng social b8havlours. FACT'S 20th Birthday lebrationS. a major highlight of the year. took place over the weekend of 20-21 October. This featured talks, workshops and p8rformances. including panels on FACT'S Iwenly year role in th• 8volulion ol digital art arid art as a social agent, film screenings of Lari5sa Sansour and Soren Lind's"As If No Misfortune Hal Occurred In The Night" 120221 and a new film by Mand8la8, 8nd a day ol whole bulldlng activitles Includlng a computer game lournJnenl, an open day In SludiolLab, and a publ party calebratinu the opening ol new ¥xhibitions by Jenkinson van Z, with a spttcial new edit ol iork by van z installed in a Iirnou5ine. Young P•oplg's Programmos FACT expanded ils young people's engagement, drawng on partici?ant fe8dbad( to create new opporiunities. Collaborating viith YPAS GYRO IYoun9 Person's Advisory Service), FACT involved Ihree young people in a project wilh arti Jenkin van Zyl. This collaboration n¢luded a walking Q&A s&8sion about van Zyl's tsxhibilion and a series ol TikTok interview$ hostèd by the participants. In collaboration wth Uma Bieakdown. we invited a group of six young peoplg to organise a filrn nighlfor Ihair pegrs, with 19 allendees discussing social issues highlighted In ihe film. This Initiaiive also featured a masierclass With local school sludents.
FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Th8 first pha58 of FACT'5 Ix)Ilaboration with Clatterbridg8 Canc8r C8ntr8 led to a podca5l projecl with lh8 Teen and Young Adult Unit. Produced bv DOMES FM, Ihe podcast allowed participants to share Iheir experiences and connect with others facing similar challeng6s. This projecl allowad partitipan¢s lo cY¢ate Iheir own narraliv&5 rgducod foglin95 01 isolalion and inspired one participanl lo apply fcr a BFI projramme. In its èducallonal oulfèad). FACT oxceèd&d ils targèt by working wlth 45 schools, compargd to an initial goal of 30. Tha Spring Prograrnme's fatnily events engaged 174 participants, while FACT h05ted 15 school groups and ei9ht additional groups, including youth clubs 8nd colleges, for Ihe Winter exhibib'on. Two Continued Professional Developrnent sessions Yi8re also held, The surnmer farnily proJr8mme, 'Do Somethin9 Saturday,, inspired by artist Luyang. enabled children aged 6-12 to create iyital characters, exp¥rimai)t with motion captur¥ Ivcliriology. and design cofftpultrr game worlds usii)g Al. These workshops provld8d engaglng, hands-on 8xperiène&s that connact8d young particlpants V4ith cont8mporary art a)d tèchnology. Rasolutlon.. Art Prograrnm•s In tha Crlmlnal Justle• 5yst•m Resolution is FACT'S long-lerm art and research initiative aimed al loslering dialogue and representation through art in the Criminal Jusli¢e System. Artists collalK>rale 1th individuals impacled by the juslice system lo create artworks Ihal are being showcasèd In exhIbon8 81 FACT in 2024. Di. Emma Murray. FACT'S crlmlnologlsl-In-résidanc8, has bèen plvolal lo IhS8 programme and will ust a sabbatical lo document her work and contribute both lo academic work and the public programme 81 fACT. The project 81s0 in¢lLJde$ a Campaign in parinership with the Howard LeagLJe to present these works to policymakers. 8in¢¥ 2019, MelaiiiFJ CrE8n hJs eiige14ed with iinprisoned v8ler8118 aiid slaff al HMP Altbcvrsls Io ExrJor¥ jusli¢ti sysleni experieffl¢ès. Her projtttl. which involves artwork, a publication on rnethodology, and an educational pilot with Livèrpool John Moores University, hi9hli9hls lived experiences and potential policy actions. In June, can shared draft artworks with P8rticipanls and held workshops to develop 8'¢811 lor action. Kairina Palmer has worked with in¢arcerale(J individuals and prison staff across mulliple facilities. including HMP Allcourse. HMP Bucklgy Hall, and HMP Askham Grangg. lo clea18 'Senl8nc8s,' a book of collected writings r8flÉcting on fr88dom. Ain Bailey s proj8cl, 'Sonic Stories. focu88s on sound and musi¢ as 8 mediiim lor inlergener81ional sharing and ca among Imprisoned individuals 8nd Iheir families. The resulting works 'A Machine lo Unmake You" by Melanie Crean and Sentences by Katrina Palmer are part ol Ihe'on tho Other Side. exhlbllion, empha$lslng hope and Imaglnalion as tools lor Change. Aln Balley'8 sound In81allallon opens al FACT in 2024. Talent Development FACT undartook several sSgnificant slralegic inlllalivas ir lalant d8volopm8nt Ihrough the y8ar. Our SludlolLab project. int8nd8d to Iransforrn half of FACT'S lop floor Into diqital pri)duction 5tudi05, workshops, and communal spaces, beqan in May and was complet1 on lirne, ihough slightly over budget at £216K. This space wll open to the public in earfy 2024. with pra-opening pha$8 offering Ire8 m&mberships lo Iwgnly North Wesl artists for Ihretr months to providg feedback on the facility. The SiudiolLab Summer School. held on 15th arKI 29th July. supported artists, researchers, and curators. Feedback from the trial period was oveNhelmingly positive, with future improvements focused on access, support, and booking systsrns. FACT continued its artist residency programrnes wilh seiieral key developments. The FACT Together programrne selected Dongni Liaw. Nicol8 Prior, Chadoll8 Soukhh811, and ElliE Towers frorn nearly 1 DO applicants. The John Ellerman Curatorial Dev&lopmenl Programme appointed Nia Thomas, Temi.Lasade Anderson and Josiah Worth as pvr flrsi Gohon of Curatorlal Fellows. Inan¢ial review Tha rèsults lor th6 year and the charily's financial position at th8 and of tha yè8r ar$ shown in th$ attachad finanaal statetnents. The charity had net incorne on unrestricted funds of £67K12023'. net expendilure of £100KI-
FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Golng concem The linan¢ial stslomtrnls hava been pr¶d on a going ¢on¢om b8sis Tha organisabon is rgbuilding ils audiences and eam8d incom& strands in th8 lat8 pandemic, and has obtain8d funding cornmitm8nt8 from oor8 fvnd8rs. tO9eth8r with additional fundraising. The trustees have considered the level of funds held and the expecled level of income and expenditwe for the Nvelve months from autrorising these financial slalemenls. The Iwslees assess the ¢harity lo be 8 going ¢on¢ern based on review of financial performance ol the 2024125 year lo dale. the tnanagetnenl accounts for8casl lor the remainder 012024125. the 18 month rolling cash flowforecast, the confirmation Df Arts Council Eryland's funding comnitment to FACT Liverpool lor lo 2025126 as part of Ils Nallonal Portfolio Organisa1Sons, and lonygr-lorm plans and lore¢asl8 for 2025 and beyond. As a r98uII. the Iruslees are conlid8nl about th8 financial futur8 ol the charity and salisffi'ed Ihal Ihese accounts ar8 prepared on a going concern basis. R•8ervo8 policy Th8 Iruslee5 have agreed a financial policy lo keep free r8sgrv8s al a lev81 that will cover three rnonths ol operating costs. In 2024. the level has increased to £350,00012023'. £300,000) to account for risin9 C05ts. The trustees consider Ihat reserves at Ihls lv•l wlll hglp to nsura Ihol Ir thg *vont )1 a financial shock. sueh slgnlficAnt drop In ffundlng. tho campony wlll b8 ablo to continue operating during a period ol adjuslm8nl. This lev810l reserves ha5 be&n maintained Ihroughoul the year. Free reserve8 arg d8lined as lolal unreslricled funds aveilablg lor spending less 8ny dgsignaled funds, Dgsignalad funds ar$ funds sel aside by the trustees lor a lulure purpose logelh8r with the value of langible fixed a55e15 Used operationally by Ihe charity. At Ihe year end the tolal unrestricled reserves Stood at £4.271,03912023'. £4,204,381). 01 this arnounl. £3.647,46512023'. £3,550,8471 represented the volue ol 1on9iblo fixod assets hel¢ at the year end and £240,000 12023.. £240,QQQl was 5i9naled lor the purpos$ of maintaining Ihg ¢h¥iily's 0ss?I base in good ord9r and £nil12023.. £50.0751 ltswards supptsrting artist residencies leaving a balance ol Iree reserves ol E383,57412023'. £363,459), Major rfskj The trustees are aware of the risks facing the Charity by way r)f financi81 and strategic management and take appropriatfy Sleps io miligale Ihern. The Finance Sub CoThmitleg meets al iegul8r in18tvals belween Board rneelings ai)d proposals frorn these meetings are then put forward to the Board. A risk regisler is maintained and reviewed at every Board meeting. The charity continues ils strategy io develop an appropriate reserve and the Board is ensuring charity prioritises the building ol this fund over the coming years. The Board and the senior management are not CDmplacenl and recognise that conllnuou8 ievigw ol 811 rlsk areas 1$ essenllal lo ensure that Ihe buslness operates on a sound flnan¢ial loollng both now and In the lulur8. Hgallh and Safely Issues In Ihe bldIng arg continually monllortrd and apprOPrl8 action k8 taken. The ¢harlly has carried OLJI full health and safely risk analysis on the operakn'on. the health and safely and equal opportunities policy are induded in the slaff manual and all new recruits we given health and safety training appropriate lo their tA)Sition. Structure, gov8manc• and managemont Go¥•ming documont The charlty Is a company Ilmlted by guaraniee and reglsiered as 8 charlty wlth the Charfty Commlsslon. It Is govemed by Its Metnorandum and Articl8s ol Association dat8d 8th F8bruary 2022.
FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Truste95 Th8 Iru8t&&s, who ar8 also thè dir8clors for th8 purpose Df company law. and who s8tV8d during th8 y8ar and up to th8 dats of signature ol the financial $18lernenls were". Katie Moffal Sheralee Lkhart Jernic& Easlhope Ruth Catlow Chloe Courtney Nlaleka Egeonu-Roby Bea Freeman Thornas Harris Suzie Law8S Nlatlhew Balnave5 Rachel Higham Alvoro Coslela Son¢hez Llga Mlddl&ttsn (Appointed 8 February 20241 (Resigned 17 Seplfymbgr 20241 (Appointed 23 May 20241 IRetir8d 5 May 20231 (Retired 12 July 20231 (Appointed 1 June 2023 and relkad 28 November 20231 IRetire¢J 15 March 20241 IR•tlrod 19 July 20241 R•¢tultm•nl and appolnlmant ol tru$t•o5 Trustges arè appoinlèd to the board by rèsolution ol thè trustèes of the board. There must bg not less than seven and not morè than fiftéèn triisl1488. Tha trLJg1èès who 18Nèd dLJrin J tha year. 1008thèr wlh any chanoés lip lth thè dalè ol approvino thls raport are Ilsted above. Th8 usual iorm ol offi'eè for a Iru$la8 18 Ihree yèars, at thè end ol which Ihty shall rètire. Tiuslees are eligible for reappoinlment by the board of Trustees lor up to a further Mo temis, each ol three years, unless a trustee is appointed to te Chair where anolher one term is permilled. No Trustee sho11 serve for more Ih8n nine consecutive years, unless the Trustees consider it would be in the best inlerests of FACT for a parcular Trustee lo contr'nue to seNe beyond that period and that Trust88 Is r•appolnted in accordance with the Artlcles. Trustee recrultment, Inductlon and tralnlng New Iruslees are appointed after a recruilmenl process as part of which they will submit a wrillen application. Prospective candidates are inierviewed and proposed for appointment to tre board. The lull board makes the deasion on the appointrnent 018ny ngw Irusleg. All new Iruslees are issued wllh an inducllon pack ol Information on FACT anrl 518 act1vleS and are encouraged lo allend events at the centre through regular invitation5. Relevant training opporiunities for trustees ol cultural organis8tions are circukled on a regular basi5. Organi6ational structure The bciard ol Iruslees, who ar¢ 8180 tho directors of Ihtr Charity. adtrinisler the ¢harily and mo01 as ntrcessory but not less than four limes a year. The day-ltrday operalion5 01 tre charity are the responsibility of ihe Chief Execuliv8 and the Executive Tearn, nam on the legal and administration page, to whom the board of truslees have delegated authority for vp&raliuii<Jl n)dll¥rb iiidudiiig firi<Jll(xJ, viiiployiiieiil d¥¥¥lvpiii¥ril, williiii tlie ovvfall slrdt¥gy dgi¥¥d by Ilioj bo¢Jrd. Rfjmunoratlon poll¢y Thè remuneration of key rnanagernent p8rsonn81 is det8rmin8d by th8 board ol triJ#le8#. The IrL14188s consider th8 qeniorily of the p05t, the expert15e and experience of the post holder, the local rnarket conditions and sector rnarket condition5 for remuneration, and benchrnarking infomiab'on from 5imil8r organ15alions in delemiining the rernunerabon of key management personnel.
FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Audltor DSG rasigned as 8udiltsr on 10 October 2024. DSG Audit were appoint on 10 O¢lober 2024 to the eompany and in accordanc8 Wlth section 4B5 of th& Companies Act 2006, a resolution proposing that they b8 re-appointed will be Put al a General Meeting. Disclosure of infomiation to auditor Each of the tru51ee5 has confirrned Ihal there 15 no Inlortnation ol which they ale awar8 which is r8levanl lo Ihe audit. bul of vihich the auditar is unaware. Thei/ have further confirmed that they have taken appropriate steps to *Jenlfy such relevant information and to èstablish that the auditor is awaro of such inlormallon. The trusl&Ès' r¢port was approved by the Board of TruslÈ¢s. Kats'e Moffal Tru8t•• 17 October 2024
FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 Th8 Irust88s, who are also th8 directors ol FACT Liverpool lor the purpos8 ol Ix)rnpany laiv, are r8sponsible for preparing the TrLJStees' Report and the financial slalement5 in aCcordce with appli¢8ble law and United Kingdom Accounting St8ndards ILJnit¢d Kingdom G8narally Accépted A¢cguntin9 Praclicel. Company Law requires the trustees lo prepare financial 51atements fr)r each finanrial yÈar which give a true and fair view of thè slatè of affairs ol tha charity and ol th incoming rèsources and application ol rasourcos, including th income and expenditure, of the charitable company for that year. In pipparing these financial statetn8nts, the trustees are 18quir8d lo select suitable accounkn'ng pc)licies and Ihen apply them consistently.. observ& th8 m8thods and princlplès In th• Charltlès SORP", maké iudgarnants and astimal8s that aro r&asonabl8 and prud•nl', . slate whether applicabl8 UK Accounting Slandards hav8 b88n follow8d. subject lo any rnal8rfal departur88 dlsclos8d and explain8d in the financial staiemants-, and preparo th8 Ilnanclal slat8m8nts on the going conc8rn basls unles8 St Is inapproprlal8 to pr88um8 Ihat the charity wlll conllnua in oper441ion. Th6 Iruslees arè responsiblt lor keèpSng sdèquale aeeounlirng records that disclos8 with reasonable atturaey al any limè the financial position of the Gharily and enable them to ensure that the financial slaternents comply with the Cornpanies Act 2006. They are also responsible for safe Juarding Ihe assets of the charity and hence for taking reasonable steps for the prevention and d8t8ction of fraud and other irregularlties
FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FACT LIVERPOOL Oplnlon Wts h8V& 8udited the finan¢ial stslamènls ol FACT Liv&rpool Iihg'charity'l for the year anded 31 March 2024 which ¢orrpri8e the statement of financial actwities, th8 balancg sh8&t, th8 Stat8meNt of cash flows and not88 to the fiNancial statements, including significant a¢¢ounting pdi¢ies. The linana81 reporting framework that has been applied in their preparation is applicablg18w and Uniled Kingdom AoU'D9 Standards, including Finane481 Reporting Standard 102 Th8 Financial Rgporting Standard applicable in UK and Republic o,'Ireland Iunited KingdDm Generally Accepl&J Aocounling Practicei. In our opinion, the financial staternenls.. give a true and lair view ol the slate ol the charitable company's affairs as at 31 March 2024 and of ils incoming r¢sour¢8s and application ol resour¢e$, including rts income and expènditure, for the year then endéd,. havé b88n property prèpar8d In accordanc8 wlth Unit8d Klngdom G8n8rally Acc8ptèd Accountlng Practlce.. and have been prepared in acc(rdance wrth the requirements of the copaNieS Act 2006. Basi8 for opinion We conducted our audrt in accordan wilh International Standards on Auditing IUKI IISAS IUKII and applicable law. Our r&8ponsibili1168 undor those Standards arts lurthar d8s¢rib$d in the Aiidilors 1&8ponsibilili&s forth& audil of the fin&n¢i&l stal&ments section ol our report. We are independent of the charity in accordanca with the ethical requirements that are relevant to our gudit of Ihe lin8nc481 Slgtempnls in the UK, including the FRC'S Ethic81 Slandaid. and we have f(Jllilled our other elhi¢al responsibilities in accordancg wilh these rgquiremenls. We bgli$ve that the audit eviden¢s wg hgve obtained 1$ sufficient arKI appropriate io provide a basi5 lor our opinion. Conclusions Telating to going roncern In audlllng th8 Ilnanelal slatam8nt$, we have eon¢luded that thè tru$lts86' use ¢1 thé golng con¢6m basls of a¢countlng In thè preparation ol Ihe linawial slal8m8nls is appropriate. Basèd on Ilw work n8va p8rforn. w4 h8vè not Idèntlflèd any m8lèrlal uncèrt8lntl8a rèlatlnu to èV8nls or eondltlong that, individually or collec'Vely. may cast significant doubl on the charity's ability lo continue as a going concern for a period of ai 108sI Iwelve months Ircm wh8n thè finan¢ial $tatementS 8ro 8ulherlsed lor Issua. Our responsibilities and the responsibililiÈs ol the trustees wilh respect lo going concern we de6crib&J in the relevant se¢lions DI this report. Othgr Infomiatlon Th8 other information comprls8s thè Infom)ation Includ8d in the annual rèport other than th8 financlal stal8m8nts and our auditor's report Ihereon. The trustees are responsible for the other information contained within the annual reporl. Our opinion on the financial slaternents does ml cov8r the oth8r information and. except lo the 6xlent otherwise ¥xplicitly 51aled in our report, wtr do not expreay any form ol asyiJrMn¢e conGILJsion th#r#on. Our re5ptsnsibillty is to rtrad the othtrr information and, in ning so. consider whether the other inforrnalion is materially inconslstenl wilh the financial statement5 or our knrjwledgp obtaingd in th• coursa of tha audil, or othèrwisa app$ars to bè materially misstat$d. If wè idèntify such material Incon515tencies or apparent malerial rni5Statements, we are required to deterine Nvhether thi5 gives rise to a matertal misstatement in the fin8nGial stalemenls themselves. If, based on tre work we have perforrned, we conclude that there is mat¥rial misstatttm¥nt of this othèr information, w¥ are rèquirdd to raport thal fact. We have nothing to report in this regard. Oplnlons on other mattgrs proscrSbed by tho Companl8s Act 2006 Iii our opinion, based on the work underiaken in the course of oui audit.. th8 Inlomalon Ven In the IrLJsl89s' roport lor the Ilnand81 ye8r for which the fin8n¢lal stsloments are prepared, whl¢h indudes the directors, report prepared for the purpK)ses ol company law, is consistent wlh the linanoal stslemenls., Iha dirèctors, rèport includad within the trust, r6POrt has an praparod in accordanc8 with applicablè lègal requirements. 10-
FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF FACT LIVERPOOL Matters on whlch we are requSred to report by excepllon In ihe light ol tha knowbdge and understanding ol tho charity and ils environment obtained in the cour8e of the audit. w¥ hav8 not idenlffi8d mat8rial misstal8m8nts in the diractor8' r8POrt included within th8 tru8t8es' report. We have nothing to report in respect of thè Idlowlng mattèrs in r8lalSon to which tha Companlgs Act 2006 rgquir•s us to r8port lo you rf, in our opinion.. adaquat& accounling records hava not baen k8pt, or rgturns adequate lor our audll have nol bg8n recèived from branches nol visit8d by u5.. or Ihe linanaal s18lemenls are not in agreement with the a¢counling records and returns., or ¢ert8in dlsclosures of trusiees. rtsmuneiallon specffied by law ara not made., or we have not received all the information and explanations we require forour audit., or the trustees were not enlilled lo prepare the financial slalemenls in accordance with the small companies regime and lakp. 2dv2ntxop. nl thp smxll r.nmDAnip.s' pxp.mptinn8 in prp.p2ring thp. tnJslpp..s' rp.pnrr And fmm thp rp.qiJirp.mp.nl In prapare a slraleglc raport. Re$ponslbllltlos of trusi•¢8 As expl¥in¢d morg fully in thg slatemgnl of Iru$l¢¢$' r¥sponsibililies, the truste¢s, who org also Ihtr dir$¢lors ol the ¢harily for the purpose of comp8ny 13w, are r95PQll8ible for the preparation ol the financial 51alemenls and for beinA sakn'sfied that they give a true ond lair view, and for such inlerngl ¢ontrol as the trustees determine is no¢¢ssary lo enable Ihp prepargtion of finan¢ial slal?mgnls that ale Ireg fro rnalerial Misstate91, whether dug lo Iraud 01 error, In prgparing the financial stalernents, the trustee5 are re5pcnsible lor assessing the charity's ability lo continue a5 a going Goncem. clisclosing. a5 gpplicable, matters related lo going concern and using the going concern basis ol accounling unless the trustees either intend lo liquidat9 Ihtr charitable company or lo ¢ga$g c)pgr4tions, or havg no rg01islic allginalivg bul lo do $0. Auditor's responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the ffi'nancial statements as a whole are free from material missl¢lemenl, whelh¢r due lo fraud or error, and lo issue an ou¢Jilorfs report that includes our opinion. Reasonable assuranwe is a high levgl ol QBBurance bul is not a guarantee Ih3t L4udil wnducted in L4ccordance with ISA5 IUKI will aayS detect material misslatemenl when il exists. Misstatements can arise trom fraud or error and are considered material il. individually or In the aggrogale, they could r9880nably be expected to Influgnce th& economlc de¢l8lon$ of usgrs18kan on the basls ol these financial slalemenls. The extent to which our procedures are capable ol detecting irregulgrities, in¢ludin9 fraud, is detoiled below. 11
FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF FACT LIVERPOOL Capablll¢y of the audlt In detectlng Irregularltles, Includlng fraud Based on our discussions with 1he charity's managemonl anti tho Trusleos. we idenlifi6d that th8 followng laws and r89ulations ar8 signffi&ant to th8 entity.. Those laws and r8gulaiions considered lo have a direct effect on Ihe financial 5talemeDls include UK lin8nBial reporting standards and Charity Law. Those laws and regulations lor which non-cornplignce may be lundamenlal lo Ihe operating aspects ol ihe charity and therefore may have a matprial effect Dn the financial statements include compliance with the charitable objectiv&s, publSc benefit, fundralslng rguulallons, salgguardlng and htrallh and 8aloly18glslallon. These mallers were discussed amongst the en9a9emenl team al the planning stage and the team remained alert to non-¢ompllan¢e Ihroughout th$ OLhJll. Audit procedures undertaken in response to Ihe potential risks relating to irregularities Iwhich include fraud gnd non-compliance wilh18ws and r8oulalionsl comprisod ol.. inouiritss of rnan8gomenl 8nd th8 Truslegs 88 to whelhtrr Ihg anlily complies wrth such laws and regulations,. enquiries with the Sa concerning any aclual or polenkn'al litigation or claim5'. inspection ol relevant legal correspondence., review ol Trustee meeting minute5. tesling the aFproprialeness ol journal 6ntrias,' and Iha parformance ol 8n8lyli¢81 review to idtsnlify ungMpa¢led mtsvemtrnls in 8ccounl balances which may be indicatlV8 olfraud. No instances of mal8ri81 non-compliance w¥r& identified. Howovgr, lh¥ likelihcv)d of d8l&cling irrogularilias, including fraud, is limited by the inherent difficulty in deleGling irregulairties, the effeGliveness of Ihe enlity s controls, and the nature. lirning and exlenl of the 8udil prgcetJLJfp5 perforrned. Irreyularilie6 Ihgt result frorn fraud might be inherenlly rnore difficult lo delecl Ihgn irregularitie$ thai iesuli Ilom error As explained above. there 1$ unavoidatrJ8 risk that material mis8latemenls may not be elected. even though the audit has been planned and performed in accordance wth ISAS IUKI. further descriplion ol our responsibilities is available on the Financial Reporting Council's website al.. https'.Ilwww,Irc,org.ukJauditorsresponsibilili8s. This description forms part ol auditor's ieport. Us0 of our raport I Iiis r¥purt IS solgly to the charitable cornpany's nwmbers, a8 a body, in accordanc8 with Chapter 3 01 Part 16 01 th8 Companies Act 2(X)6. Our audit work has been underiaken so that we might state lo the charitable company's members those mallers we are r&quirgd lo stale lo IheTr) In an audilor's report and lor no olhgr purpose, To the full6sl exlenl pgrmitted by law, we do not accept or assurne responsibility to anwna other than tho charitable cornpany and the charitabltr company's members as a body, lor our audit work, for this report, or lor Ihe opinions we have fomied. Andr•w Moss 8A FCA IS•nlor Statutory Audltorl for and on b•half of DSG Audit 17 October 2024 harteTetl AGGQUlltantS Statutory Audltor Castle Chambors 43 Castle Street Liverpool L2 9TL 12-
FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted fur)d5 2Q24 Re5trictsd funds 2024 Totsl Unrestricted fuiit15 Restricted furids 2023 Total 2024 2023 2023 Income from: Donalions and lega¢ioS Charilab18 lIVI&S Other trading activ.eS 1,204,711 737,861 2,100 1.204,711 1,010,141 2,10D 1.292,820 506,140 6,809 1,292.820 655.442 6,809 272,280 149,302 Total income 1,944,672 272,280 2.216,952 1.805.769 149,302 1,955.071 Ex gndltura on: Raising funds Charitable tivIti&$ 84,882 1,930,600 84.882 2,065,412 324,220 1,581,867 324.220 1.731,169 134,812 149,302 Total •xpondllur• 2.015,482 134.812 2.150.294 1,906.087 149,302 2,055,389 N•t loutgoingllin¢oming rosourc95 before tran5fgrs 170,8101 137,468 66.658 1100,3181 1100,3181 Gr055 Iranslers between fund5 137,468 1137,4681 N•t Incomellexp8ndSturg1 for the yearl Net movem?nl in fundo 66,658 66.6S8 1100,3181 1100,3181 R•conclllatlon of funds Fund balances al 1 April 2023 4,204,381 4,204,381 4,304,699 4,304,699 Fund bal*n¢g$ 4t 31 M4T¢h 2024 4.271,039 4.271.039 4,204.381 4,204.381 The slalernent ol financial activities includes all gains and losses recognised in the year. The statement of fjnancio18¢1ivili99 in¢ludgS 011 gains andlossgs rg¢0gni$gd in th¥ yoar. All in¢om¢ $xpenditur8 dorive from continuing activities. The slalernÈnt of financi818ctivilies a150 complies with the requirements for an income and expenditure atljnI under the Companles Act 2006. 13-
FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE BALANCE SHEET AS A T 31 AIARCH 2024 2024 2023 Notes Flx•d ass•ls Tangible as(5 Investments 13 14 3,647.465 3.550.847 3,G47,46G 3.JJO,848 Currgnt assgts Det)tors Cash at bank and in hand 15 386,350 602.931 415.331 747,671 989,281 1,163,002 Llabllltles Creditors.. amounts falling due within one year 17 1343.8091 1477,5251 Nel currenl a58ets 645,472 685.4T7 Total JJ••ts l•ss ¢urr8n¢114blllll•s 4,292,938 4,236.325 Credltors= amounts falllng due after more than one year 18 121.8991 131.9141 Total net as¥etg 4,271,039 4.204,381 Thè fvnds 01 th• ¢hadly Unresiricled lunds Design818d lund5 Ggn8ral unraslri¢led funds 22 3.887,465 383,574 3,840.922 363,459 Total unrestricted lunds 4,271,039 4,204,381 Total charity funds 4,271,039 4.204,381 Thes8 financial 81alemen18 have lan prepared In aordanCe wlth the provbslons appllcable lo ¢ompanles Sublecl lo the small companies regimg. The financial slatemenis ware approved by the Trusloos on 17 Octob¥r 2024 Katie Moffat TruBtee Company règlstratlon numbèr 02391543 14-
FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notss Cash flows from operatlng actlvltl•s Cash generalgd from opgralions 27 113.709 213.339 Invèstlng actlvlt5•8 Purchase of tangible fixed assets 1248.0521 199,97)) N•t ¢a$h u$od In Inv•$tlng a¢tlvlil 1248.6521 199,9751 Flnanclng actlvlll•8 Repayment of borrow1S Rgpaymant of bank loans 15,4751 19,4021 19,7971 N•t cash us•d In flnancSng actlvttl• 19.7971 114,8771 Net Idecr•asellincrea¥e in caBh and cash •quivalonts 1144,7401 98,487 Cash and cash 8qulvalènts at bèginning of yéar 747,671 649,184 Cash and cash •qulval•nt8 at •nd of y•ar 602,931 747,671 15-
FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Ac¢ountSng pollcle8 Ch8rity infowmation FACT Liverpool B a private company limlt8d by guarant88 Sncorporatèd in England and Wal88. The r•gisler8d offic8 is 88 Wood Stre81, Liv8rpool, L140Q. 1.1 Accounting conventlon Th& financial stalemènts hav8 b88n pr8parèd in aceordanc& ivith lh8 d)arity's mémorandum and articl8s of assoeiation. the Companies Act 2006, FRS 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland I'FRS 102.1 and th8 Charitses SORP 'Accounling and Reporting by Charili88.' Statement ol Recornmended Practic8 applicable to charilies preparing their a.- -counts in accordance with Ihe Financial Reporting Standard applicable in the UK and Ropubllc of Irèland IFRS 1021"18ffectSvè 1 January 20191. Tha tharily 58 a Publi¢ Benelll Enllty as deflnèd by FRS 102. The financial slalements are prepared in 51erfing. which is the functional currency ol the charity. Monetary amounts in Ih9sa financial stAlamants *a round&d to thè nearest £. The financial stalements have been prepared under the historical cost convents'on. The principal accounting policies adopted are stsl ¢ul below, The financial st8lements dg not incorporate Ihg results, ass918 liabilth'es ol the chari¢y's wholly owned sub8idi8ry, FACT Trading Limiled. Consolidated accounts haK'e not been prepared 85 these would not be materially diNerent from th8 slnglfr enltty Ilnonclol sletgm9nls as prg$gntgd. 1.2 Going concem At th8 lirno ol approvSng tho financial sla18rn8nls. tha Iru5188s havo a r83sonabl8 8xp8clats.on that th• charity has aduat resourc8S to contlnLJè In opèrational 8xlst8nc8 lor th8 lor•s88abl8 futur8. Thus the trustè8s conlnu& to adopt the g¢in9 ¢on¢em basis 018¢¢ounling in preparing thè fin8nckql statements. 1.3 Charltab16 funds Unreslricled funds are available for use at the diScli0n ol the Irus1èes In lurtheran¢è ol their d)aril8ble objectlveg. Restcle funds are subject io specmc condltlons by donor5 or graniors as io how they may be used. The purpDses and uses ol the reslricled funds are sel out in the noies lo Ihe linanaal stalemenls. Endowmènt funds are 8ubj8ct to spe¢ifi¢ conditions by donor$ Ih8t th$ capitol mu¥l bg maintalned by th& Chadly. 1.4 In¢orn• Income is recognised when the charity is legally entitled to it after any performan condition5 have been mel, the amounts can b• mèasurèd i¥liably, and it is probabla that incorn¥ will b• r•ceiv•d. Cash donations aro r¢cognised on receipt. Other donotions ar¢ rocognisod once the charity has been notified of the donation, unless pèrforrllance conditions i&quire delèrral of the amount, Income lax reeov8rable in relation to donations received under Gift Aid or deeds of covenant Is reco9nised al the lime ol the donation. L6gaci8s arè r8cognised on rècèipt or otherwis& rf th8 charity has bèèn nDtifi8d of an impèndino distribution. thg amount is known. and rgC8iPt is eXP9Ct. If the arnount is knovffl, Ihg legacy is tr8ated as a contingent assel. 16-
FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ounting policies Icontinutdl 1.5 Expendituro Expenditure Is rOgnised On there is a legal orconstructive obligation to transfereconomic benefit to a third paty, it is probablo that a tr8nsf¥r ol oconomic bongfits will bo roquired in setugmgnl, and Ihe amount of the obligation can b$ measured reliably. Exppndilur9 is classiligd by activity. The costs of each a¢tivity arg rnad9 up of thg tol31 ol dir9ft ¢osts and shared cosls, induding suppom aosts involved in undertaking each activity. Direct costs attributable to a singl& activity are allocated directly to that activity. Shared costs which contribute to more than one activity and supptsrt costs which ale not allributabl8 to a single activity are apportion8d balwa8n tho$8 aclivit18s on a basis Lonsist8nl with Ihe use ol resources. Central staff costs are allocated on the basis of tirne spent. and depreciation charge5 are allocated on the portion ol the asset's use. 1.6 Tanglbl• fixed as80ts Tangible fixed a£set5 are initially measured al cost and subsequenly measured al G05t or valuation. nel ol depreciation and any impairment105ses. D¥pr¥Li&liuii is ItlLoyiiib¥d su lo wilt¥ oll rosl vf vdluÈ)lioi) ul abs¥lS l¥ss Ili¥ir r¥siduai vélu¥s uv¥r itri¥ir us*lul Ilv8s on lh8 followlng basès". Leasehold prÈmlses Leasehold irnprovemenls Exhlbitlons and collatroratlon gqulpmenl Film and video equipment Otrice and IT equipment 2% per annum after impalrmenl Inel of cost o118ndl 10U/o per annum 20./0 per annum 25'A per annum 25'k per annum The gqin or Ioss grising on the disposal tsf an gsset is determined as Ihe differen belween the sale proceeds and the carrying value ol the assèt. and is rèco9nised in the slalemant of financial ath'vilies. 1.7 Fixed asset inve8tmen¢B Fixed asset investments are initially measured al transaction price excluding transaction costs, and are subsequently measured al lair value at eh reportin9 dale. Changes in lair v81ue are recognised in net incomellexpendilurel for the year. Transaction cost$ arè expen$8d as ineurrèd, A subsidlary is an èntlly conlrolled by Ihe chadty. Control is th8 power to gov8m th8 financlal and operatlng po11cl88 01 the entity SO 8$ to Dbtain benefits from 115 activities. Inv8slmon1 In subsldlarles ar8 m8asuréd at cost. 1.8 Imp•lrm•nt ol fSx•d a88•ts Al each reporting end date. the charity reviews the carrying amounts of its langible and intangible assels lo determine whether there is any IndicatK)n that those assets have suffered an imp8iiment loss. If any such indi¢8lion pxists, the cov#rabl¥ amwnl of thtr asset Is ttsllmaled In ordtyr to dattrrmlntr the extani ol the Impalrmont loss Ilf any). 1.9 Caih and cash &qulvalents Cash and cash equivalents include cash in hand, deposits held al call wth banks, olher short-lerm liquid investments with ori9ino1 maturiti¢o of three month8 or l¢¥$, and bank overdrafts. Bank overdraft$ gre shown wthin borrowing8 in current liabil88. 17-
FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ounting policies Icontinutdl 1.1 O Finaneithl in8trumentJ The charity has elecled to Bpply the provisions of Section 11 'Basic Financial Instruments, and Section 12'01her Financial Instrurn8nts Issues. of FRS 102 to all of its linan¢ial inslrumenls. Financial instruments are cOgnised in the charit> s balance Sheet when the charit. becomes party to the contractual provisions of thg instrumgnt Financial ossets and liabilities a offset, with tho nel omounts presented in the financial stalemenls, when there is a legally 8nforc8ab18 right to $81 off the iecognisgd arnounls and Ihgrg 1$ an int9nlion lo sell18 on a nel basis or lo r8ali$g the asset and seiiie the liablity sirnultaneously, 8aslc flnan¢lal assets Basic fi'nancial assets, whieh include debtors and cash and bank balanees. are initi£lly messured al transaction prie8 indiiding transaction costs and are subsequently carried at amortised cost using th& effective interest method unless Ihe arrangemenl constitutes a financing transadion, where the Iransaclion is measured 8t the present value of the future receipts discounted 81 a rn8rkel rate of inl8r&sl. Financk818ssels classrfied as ie¢eivablè wthin on8 y9ar ale not amortlsed. 8aslc nnan¢lal Il&blllrl&s Basic financial liabilitias. including cr8ditors and bank loans ai• initially racognisad al transaction prica unlass th8 aange[nent constitut85 a financing transaction, here th8 debl instrumenl is measured at the pres8nt value ol the future paymgnt5 di5countgd it a m¥rk8t rot? of interest. Financi81 liabiliti9$ ¢lassified 85 pgyable within ong ygor ¥r9 ng1 amortisod. Debt instrumen15 are subsequently carried al arnortised cost, using the effective interest rale method. Trade crèdltorg are obllgatlons to pay for goods or sèNices that hav8 bè8n acqtjired In the ordlnary coursè ol operations from suppliers. Amounts payable are cLassilied as current liabilities il payment is due wrthin one year or less. If not, they are presented as non-currenl liabilitl8s. Trade cr8dilors ar8 r8cognlsed inllially al tran8a¢iion price and sub4eqiJgntly rneasijrpd at amortispd wst using ltrie effective interest rnelhod. D•r•coqnlllon of flnanclal Ilabllltl•s Finan¢lo1 Ilobililics are derc¢agnised when the ehtrity's eontrodual obligations expirc or ore diseharged or eaneelled. 1.11 Employee beneflts Th8 Cost of any unus8d holiday enlltlemènt is recojnlsad In th8 rIOd In whlch th• 8mploy8a's setvlces are rec8lv•d. T¥rmlna11on b8n8fits ar¥ r¥cognis¥d imm8dial•ly as an 8xp•ns¥ when Iha charfty Is dmonstrably commlll•d lo lrmlnatè th• èmploymènt of an employèe or to provldtr tèmlnatlon b#nelits. 1.12 Rollrfym•nt b¢n•flt$ Payments lo deled contritIon retirement benefit schemes are charged as an expense as they fall due. 18-
FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Crltlcal accounung estlmates and Sudgements In the 8pplie8bon of the ch8rity'$ 8e¢ounting polioes, the trustees are required tts make judgennts. e$b"mgte$ and assumptions about carrying atnounl of assets and liabilities that ale not readily apparenl from other sources. Th8 estirnates and associated assumption5 are based on hi5torlcal expèrfence and other lactors that are consldered to be relevant. Actual iesulls may differ from these esllmates. Thp p.limAIp And ijndprfying A88iJmptinnq Arg. rp.vipwpd nn An nnonino hAqi¢ Rp.viinn In Aernijnlino p.8lim2ip.8 Arp recogn159d in the perlod in which the estimate is rev158d where the revlsvjn affects only that perlod, or In the period ol the revision and Tutur8 periths where the revision aff8cls both current and future periods. In¢om• Irom donatlons and1oga¢l•s Unrn8trlct•d nds 2024 Unr•itrlct•d funds 2023 Donations and gKI$ Gran15 re1Vable 2,S81 1,202,130 3,433 1.289,3e7 1,204.711 1.292.820 Grants r•c•lvabl• for cor• actlvltl•s Arts Council Enand Liv8rpool Clty Councll Kickstarter grant other 1,024,418 e9,000 1,024,418 99,164 37,7 128.568 88,712 1,202,130 1,289,387 Charbtabl8 ctiviti•8 2024 2023 Incomtt within charilabltr activities Parformancè ralaled grants 737,861 272,280 506,140 149,Y)2 1,010,141 655,442 Analysis by fund UnrÉsirSci8d funds Restricted lunds 737,861 272,280 506,140 149.302 1,010,141 655.442 19-
FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from other tradlng actlvltSes VnrÈgtricted Unr•9trictèd funds lunds 2024 2023 MisL¥llaii8vutt iT)WIiI¥ 2.100 0,809 Expgndlturg on ral$lng funds Unr&8tri¢t•d Unrè8tri¢ted fund* lund• 2024 2023 Fundral$lng and publl¢lty Staff wsts Support costs 9,434 4,162 57,527 86.322 13,596 143,849 Tradlng costs Other tr8ding a¢tivilie8 Staff costs Support costs 28,245 29,762 13,279 19.405 46,647 114.319 71,286 180,371 Total costs 84,882 324,220 -20-
FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expendltur6 on charStablo actlvltles Total 2024 Total 2023 Dlm¢t ¢ost8 Staff wsts 011)¥i' bliaiilobltr trxp¥iidilui 406,682 273,322 40J,707 753.087 679,029 Share of support and governancè cots18 {s•a note 81 Support Gov8inanco 1.301,068 11,2S7 1,035.861 16,279 2,Q65,412 1,731.169 Analys18 by lund Unrestricted funds Restricted lund5 1.930.600 134,812 1,581,867 149.302 2.065,412 1.731,169 Support costs alloc9t•d to a¢vIll¢S Total 2024 Total 2D23 staff wsl8 Deprecialion Premises costs Office and IT ¢ost8 Marketing costs Staff relaled Costs Governance 561,170 152.034 493.248 49.028 41,618 21,411 11.257 589,618 128.256 403,464 34,865 47,446 29,521 19,613 1,329.766 1,252.781 21124 2023 Governance colts compri5e'. Staff costs Avdil fees 3,922 7,335 12,413 11,257 19,613 Bases of cost allocatlons Costs are allocated on thtr basls ol staff Ilmtlcosl. 21
FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Net movernent In funds 2024 2023 Th? net movamenl in fund$ 1$ ?taled after chorgirngllcredilingl,. Fges pay8bl8 lo the charitys auditor.. for the audit of the charily's financial statements for tax advisory services for other financkal services Depreciation of owned tangible fixed assets Amotsab"on ol inlangible assets 7,335 4,250 7,200 152,034 124,469 3,787 10 Trustees Nona ol thè Iru8tèes lor any person$ conn8¢ted with Ih6ml r8caiv&d any rèmun8ralion or benefits from the charity during the y8ar12023.' £nill. No exp8nses were relmbursed to trust8es In the year12023'. £nlll. 11 EmployM8 Thfr av$ro9 monthly numbfjr ol employees durlng Ihe yoar wg9'. 2024 Numbgr 2029 Numbgr Fundraisin9 ond development Ch¥rilable aelivtt6s Commeraal opeiations SLJPPOrt activitie5 Casual staff 12 12 13 13 Tolal 41 Employment cost8 2024 2023 Wag¥s and salafl8S Social security costs other pension costs 926.124 66,879 17,967 896,463 86,574 16.488 1,010.970 979.525 The number ol employees %vhose annual remuneialion was more than £60,000 is as follow6.. 2024 Numbgr 2023 Numbor £60,001 to £70.CQO -22-
FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Employ•¢$ Icontinutdl Rèfflunerjjtion of kéy rnthnagement pernonnol The remuneration ol key rnanagement personnel wes as follcws.. 2024 2023 A99regale compensatioii 171,785 170,043 12 Taxatlon I he charity is exgrnpt from tsx on Income and g8ins falling wrthin 5eGtson 5V5 of the l 8xes Act 19UU or seGlion 252 ol the Taxotion ol Chargeable Gains Act 1992 to the extent that these are 8pplied to its charitable objects. -23-
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FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Tangiblo fix•d ass•ts Icontinutdl KAore Infom)8tion on the ¢h8rge ¢>ver the long le8$ehold premises, with 0 ¢8rrying amount 01 £3,290,32912023'. £3,38D,0001. Is gven In nole 23. 14 FIx9d o$$et Invg$tsngnls Oth¢r Inveslments Co$t Dr ¥•luatlon At 1 April 2023 & 31 March 2024 Carrying amount Al 31 M¥r¢h 2024 Al 31 March 2023 2024 2023 Other investments ¢OtllFrise', Not•s Investrment5 In subsidianes 25 15 D•btors 21124 2023 Amounts falllng du• wlthln on• y•ar'. Trade debtors Amounis owed by18llow group undert*lng8 Other debtors Prepaymenls and accrued Income 128,248 7,386 189,730 60,986 126.588 7,386 172.885 108,472 386,350 415,331 16 Loon$ and overdraft$ 2024 2023 Bank loans 28.455 38.252 Payable wilhin one year Payable after one year 10,056 18,399 9,808 28,444 The bank loans relates lo a bounce back loan of £50,000 taken in December 2020, with a repayment holiday until January 2022 wilh a five-year repayment lem. This is an unsecured loan with 8 2.50/0 inlerest rate. -25-
FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Credllors.. amounts falllng due wlthSn one year 2024 2023 Notè3 Bank loans Other taxation and social security Deferred income TraLl0 creditors Oihgr Creditors AccrLJals and d818rr8d Income 10,Q56 15,615 164,711 106.799 3.691 42,937 9.808 15,984 310,525 19 3,357 98,324 343,809 477,525 18 Crgdllors.. amounts falllng dug 8ft•r more than ong y•ar 2024 2023 Notes Bank loan5 Other creditors 18,399 3,500 28.444 21,899 31.944 19 D•forr•d Incomè 2024 2Q23 Olhgr delerrgd income 164.711 310,525 Déf8rr8d Incom8 Is Induded In th8 Ilnanclal statem8nts as folkjws,. 2024 2023 Dtrlari¥d incomè is includ8d withln.. Current liabilities 164,711 310.525 Movements in the year.. Dèl$ri*d incoma al 1 April 2023 Released from previous periods Resources deferred in the ypar 310,525 1271,3461 125,S32 230.683 1230,6831 310,525 Deleried income a131 Morth 2024 164,711 310.525 -26-
FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Retlr•ment beneflt schernes 2024 2023 Dèflned contrlbutlon 8cheme• Charoe to profil or10s5 in r8SPgcI of defined contribution sGheme8 17,9fj7 16.488 Tli& Ll)arily op¥iait*¥ a cxJT)tribulioi) pfj3f)siui sLli¥iii¥ IL)I' all 4U&ililyinu ttiiipluy¥es, Tli¥ absels ol SLIItti71¥ di held separately from those of the charity in an independently administered fund. 21 R•strl¢l•d fund$ The reslricled funds of the tharity cornprise th¢ unoxp¢nded balances of donations and grants hold on trust tsubje¢t to Specifie conditions by donorg as lo how they rn8y be used. At 1 Aprll 2023 IncomSng rgsour¢4$ R•sourc•3 oxpènd•d Tran8f•r8 At 31 March 2024 Capital gr8nls ExhibI.0n and Commission Leaming and participation 137,468 88,917 45.895 1137,4681 188,9171 145.8951 272.280 1134,8121 1137.4681 Previous year: At 1 April 2022 Incoming r•$ouM8 Resources oxp•nd0d Transfer8 At 31 March 2023 Exhibition and commission Leamlng and partlclpalion 63,584 85,718 163,5641 185.7181 149,302 1149.3021 Restricted grants rèprtrsenl amounts rg¢&iv¥d Irijn various lundgrs lo Support parti¢ulor proj9¢1s, all ol which havin9 been 8xpended during the year. Thè capital grants includ& £60,000 from thè Foylg Foundation, £27,468 from Bloombsrg Philanthropias and £50,ODO frorn Liverpool Cty Council As the charity ha5 expended these lunds in line with the purpose of the funding this has di5Gharged the re51riGlion on thE fund5 therefore the a55et5 have been tran5ferrEd Ig unrp5triGted fund5. -27-
FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 22 Unrestrlcted funds The unre8tri¢ted lunds of the charity ¢ompri$e ihe unexpended b818nce$ of dtsn8tion8 and gr8nt8 which 8re not 8ubje¢t to specific condibons by donors and grantors as to how they Nay be used. These irude designated funds which have beèn sèt aside out ol unrestrlcted funds by the trustees for specllic purposes. At 1 Aprll 2023 Incornlng resources Resources expended Transfers At 31 March 2024 Capllal èxpendSturg Artist resid8n¢y support TangihlA fixed asset fund Genèral funds 240,000 50.075 3,5SD.847 363.459 1237,8991 237.899 150,0751 96.618 1146,9741 240.CQO 3,847,465 383,574 1.844,672 11.777,5831 4,204.381 1.944,672 12.015.482) 137.468 4.271.039 Provlous yar'. At 1 Aprll 2022 In¢oMlng rosourc4$ R¢8¢ur¢es •xpended Tran$f•r8 At 31 Martth 2023 Capital expenditure Artist residency support T8ngible fixed 8ssel fLJnd Ggngral lundg 240,000 50,075 3,575.341 439.283 240,rxio 50.075 3,550,847 363,459 124,4941 24.494 1.805.769 11.906,0871 4,304,899 1.805,7fj9 11,906.0871 4,204.381 The truslees have designated £240.000 for the purposes of Maintaining Ihe charity's asset base and future lurther capital sp8nd. The work complet8d during 23124. includès th8 installation ol solar pan8ls and digital slgnago, and th8 nialor rehJrblshirnt of FACT iJffiGe5 aiid Artlst5 SiudlDILab. Thè £50,075 thal was d#signat8d towards supporting artist rnG1¥S Is consiéèr¥d sp¥nl. and this amount Is released back to general reserve5 to cover the £50,000 increase in three rllonths running costs. Tangible fixed asset fund - In order to accurately show the reserves tied tjp in fixed assets held by th8 eharity, a dèsignated tangible fixed 88881 fund has been ertsalgd represenllng ass•ls usèd optrrallonolly by the eharlty. Thls fund includtrs assets acquired wilh historic capital granls . As IhÉ)se grants have btren expended in Iintr with the conditions of ILJnding, this has disd)arged the restrictson on them, and therefore they have been transferred lo unreslricled funds. 13 ContingBnt liabilitiEts Capbtal Grants Grants may be r8payabl• in certain circumstan$ for 8xarnpl8 in th8 ¥V8nl that thè buSlding is not usèd as an arts cèntre for publlc b8n8fi1 or If 811 the condlllons attached lo any granl have not been mèl in lull. In addth'on, Thè Arts Couneil ol England has takon a fixgd chargad ovèr Iha building Ichargo registèrad 5th January 20011 and a floating charge over the other assets of the charity. The terrns of a grant provided by the Arts Council for England prohibit tre charity from disposing of its interests in the building without thgr prior consent. Th& trustees do not 8xpècI any liability to rapay grants to crystallis# and Ihereforè no provision is mad8. -28-
FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Operating lease commitments Al the reportlng ènd dat• the charlly had outstanding comrnltm8nts lor fuluro rninlmum l•ase paym•nts under non-cancellable op8raling leas88, which fall du8 as follows.. 21124 2023 Withln on8 yaar Between and five year5 6.298 9.026 Lossor Al the reporting end date the charity had contracied with tenants for the following rninirnum Itase payments.. 2024 2023 Within one year Between two 8nd five years 5,000 14,583 19,583 19,583 24.583 Lossor L•&so wilh City S¢r•èn Liverpool FACT has granlèd a 25-y•ar l•as¥ lo Crty Scr¥¥n Liv•rpool Limlt•d. a wholly own8d subsidiary ol Clntrworld Group plc, lo let part ol its property on a prolil.5haiing rent arrangement which has been renegotiated to include quarterly rental payments. Th& lease began in F8bruary 2003. when th8 FACT Centre openttd. Under th& 18rr6 of Ihe lease, Clly Scr&&n Liverpwl Ltd must provide a cultural cinema progrdmrne at the FACT Centre. 11 is due to come lo an end in February 2028. 25 Subsldlarlgs Del8ib of the charity's subsidiaries a131 Mar¢h 2024 are as follows., Nam• of undertaking R&gi$tered office Nature of busin&88 Cla$$ of Shares held % Hèld Direct Indirect FACT Trading Limilgd Englond and Wales Dormant Oidinary 100 00 -29-
FACT LIVERPOOL COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 25 Subsidiari•$ Icontinutdl The 8ggre98te ¢8pitsI 8nd reser4es 8nd Ihe result for the year of $ubsidi8ries ex¢luiJed from con$olid8tion was 88 follows.. Nome of und•rtaklng ProllVILo$$l Capltsl and Reserve5 FACT Trading Limited 806 26 R•latsd party trinsa¢tlon$ There were no olher related party transaolions in the year. 27 Cash generated from operation5 2024 2D23 Surpluslldelicill lor th8 y8ar 66,858 1100.3181 Adjustments for.. AmorNs3llon and impalrm8nt ol InlangSb18 assets Depreciation and impairM8nl ol tangibl8 lixe¢J asset5 3.787 124,4bY 152,UJ4 Movements in working capital.. Decrease in deblor5 Increase In crgdliors 10gcr*a$gyin¢r¢ag0 in d¢f&rrod incomo 28,981 11,850 1145,8141 54.379 51,180 79,842 Cash g•noratod from oporatlons 113,709 213.339 28 Company Ilmlt•d by guarant•• FACT Liverpool B incorporated under the Companies Act as a company lirniled by guarantee. The liabilty of the membors is limited to £1. -?o-
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