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 Na￿e￿t 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 c￿atIVe technology and to ad4ance the education in this field for the benefit ol the public. Publlc bon•flt The Iru$tegs hav& paid dug 19gard lo guldan¢¥ issued by the Charity Commis*on in dg¢iding yvhol a¢tivi1S¥s thg ¢harity should underiake and consider that Ihe ch8ritsble obj8olives have LEen discharged through the lollowlng aclivilles- Fr99 to g¢cg$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 p￿portion ol building visitors at 30% as again8t 23% in 2018119, as a result of the pOst-p￿deMiC 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" sho1￿7 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$, uti(J¥rs¢oriw our Gonii)iilnietil lo reduciiig entrrgy costs. Addilion8lly, thè instsllation ol a ntw Building Managemani System has provided us with onhan¢ed ¢onlrol ovèr heating and c, Oiv&rsity and Inclusion policy to reflect our Disability Confident Employer slaius and ¢ommilmenl lo Jphold inclusive recrurtmenl praeli￿s. The financial situation remains challenging, with the olosure ol our cale operators The Canteen highlights'ng ongoing aifflcullles, Despllo IhS8, Income from evgnl hires, vldeo producllon, and Pi¢lurehouse rent has bean glablg. though Insufflcl•nl lo offset funding cuts and high inllats'on. A boost from Museurns & Galleries Tax Relief. due lo the Go'ierntnent increasing the rates, improved the pic-.ure by £230K, contributing significanily to 8 mLich improved £67K surplus outlum againsl the original £1 OOK daficll budget. Capital grants ol £1 I OK Iowards SiudlolLab have also conlrlbuled lo an Improved financlal outlook on pap&r bul are allocated to reserves ID cover future depreciation. While comrnercial hires have performed well, fundraising remains extremely chellenging. We have made significant investrnents in buildin9 improvements wilh the aims ol long-lemi cost saviiigs, as w9118$ incorne generation, carbon savings and improved safely. Cineworfd, the parent o)mpany of Picturehouse, ernerged from Chapter 11 BgnknJpt¢y in AugLJsI 2023. FACT engaged Mark Dobson & Associates lo dèvelop 8 bu$in&8s plan lor polonlially taking over the ¢in&ma scieen$ Shou￿ Piclurahouse èxit th& lease early, also aiding preparation for the lease's 2028 end. Number8 01 Benefi¢iariè8 Building visitors 192,103 Gallery attendances 58.159 Leaming participants 3.022 No. artlgt comrnigsions.. No. exhibitions.. No. artist and Curator re8idgncles'. 4 No. learning sessions.. 148 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$t¢d mod91 rtrsullgd in o Ilrian¢io1 105s, primarily due lo hvah staffing Gosl3 and the £20 ts'Gkel pri¢9. whith was identified 85 a barrier. Nevertheless, 904h ol audiences rated the experience as excellent, with many suggestin9 a lower pri￿ point of £12-15. Luyang Arcado LIvgrpool128 Aprll - 17 S•ptornbgr 20231 Thls axhlbltlon iranslormed FACT'S foyor gallary Into an Int8ractiv8 gaming arcad8, f8alurng rld8von moiorblk8s. arcade machines, dance mats. and rnultirfhannel film works. Luyang's imrnersive worfds, inspired by anime, S¢￿ffi, and Buddhism, chall8ng8d binary idéas ol Idantity and •xist8nc8. Th8 8xhibilion attracl8d around 700 vlsilors w88kly. wSth many appr8clats.ng the Iree-tv-pliay arciide machine5 and relurnirig for rÈp8BI v1511s, p(lrtiGularty young people, B•llnda Kaz••m-Kamlriskl - R•splr8, Llv•rpool Bl•nnlal110 Jun•- 17 S•pt•mb•r 20231 As part of the Liverpool Biennial, this imrnersive audiovisual experience explored the th8rn8 ol Black breath as a form ol liberation. Filmed with local participants, the worf( resonated deeply wlh audiences. who Fraised its medilalive and impaciful nature. The exhibrtion hiohliuhled the imporlanco of ¢818)raling l(>c81 people and pla¢8s. Chlla Kumarl 81ngh Burman - Mar8•y*ldo Bumian Emplrg Ito 27 Auou•t 20231 This experimental gallery space, designed by 8umian, continued to serve a5 a hub for residencie5, workshop5, and events, 11 rgmoined popular with visitors 0$ 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 $how¢ased their online ¢OMmissions GloR1A's"Orun-Rere. SWARM Prototype 4,120221 and Linkovica's'Primordia"120221 as lomporary physical installations, off8ring auditrnces chancè to ¥xperienetr thes• innovalv8 works in a n*w fomiat. FACT Togèther.. Oongnl Llang, Nlcolè Prlor. Charlotté SoLrthall and Ell1• T0￿r3{a S•pt•mbor- 26 Nov•mb•r 20231 2022 FACT Together ¥tisls showca8e¢J their new online commissions as physical inslallalions= Donwi Li8ng's"Kudzu Whispers 120231. Nicde Prior's"Lab Our'120231. Charlotte Southall's "The Perfecl Influence'120231 and Ellie Tower5 Rest R¢)oms" 120231. J•nkln Van Zyl.. SurMd•r119 O¢lob•r 2023- 28 January 2024} This extremely popular imrner5ive exhibition delved into 50¢ietal anxieties and their influence on culture. Through J hallucinatory ffilm-wodd c8ntrod around a grueling onduranc6 danc¥ marathon, prèsented in tha bolly of a giant silvor rat. Jenkin Van Zyl created a tran5forrnative experience that invited audience5 to explore Ihernes of pri)ductivity, escapism. and community. Urna 8roakdown= Earth A.D. 2119 October 2023 - 28 January 20241 Uma Breakdown's work, (x)-comnissioned by Wy$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 pla￿e 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 exhIb￿on8 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 CrE*8n hJs eiige14ed with iinprisoned v8ler8118 aiid slaff al HMP Altbcvrsls Io E*xrJor¥ 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, c￿an 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 complet￿1 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 l*v•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 b￿ldIng arg continually monllortrd and apprOPr￿l8 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 $18lernenls were". Katie Moffal Sheralee L￿khart Jernic& Easlhope Ruth Catlow Chloe Courtney Nlaleka Egeonu-Roby Bea Freeman Thornas Harris Suzie Law8S Nlatlhew Balnave5 Rachel Higham Alvoro Coslela Son¢hez Llga Mlddl&ttsn (Appointed 8 February 20241 (Resigned 17 Seplfymbgr 20241 (Appointed 23 May 20241 IRetir8d 5 May 20231 (Retired 12 July 20231 (Appointed 1 June 2023 and relkad 28 November 20231 IRetire¢J 15 March 20241 IR•tlrod 19 July 20241 R•¢tultm•nl and appolnlmant ol tru$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 par￿cular 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 act1v￿leS 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 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$g the asset and seiiie the liablity sirnultaneously, 8aslc flnan¢lal assets Basic fi'nancial assets, whieh include debtors and cash and bank balanees. are initi£lly messured al transaction prie8 indiiding transaction costs and are subsequently carried at amortised cost using th& effective interest method unless Ihe arrangemenl constitutes a financing transadion, where the Iransaclion is measured 8t the present value of the future receipts discounted 81 a rn8rkel rate of inl8r&sl. Financk818ssels classrfied as ie¢eivablè wthin on8 y9ar ale not amortlsed. 8aslc nnan¢lal Il&blllrl&s Basic financial liabilitias. including cr8ditors and bank loans ai• initially racognisad al transaction prica unlass th8 a￿ange[nent constitut85 a financing transaction, ￿here th8 debl instrumenl is measured at the pres8nt value ol the future paymgnt5 di5countgd it a m¥rk8t rot? of interest. Financi81 liabiliti9$ ¢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 d*monstrably commlll•d lo l*rmlnatè th• èmploymènt of an employèe or to provldtr tèmlnatlon b#nelits. 1.12 Rollrfym•nt b¢n•flt$ Payments lo del￿ed contri￿tIon 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 judgen*nts. 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.vi*inn* 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 r￿e1Vable 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 En￿and 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 Amot*sab"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- oz< 44m 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 ir￿ude 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 y*ar'. 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 rehJrblshir*nt of FACT iJffiGe5 aiid Artlst5 SiudlDILab. Thè £50,075 thal was d#signat8d towards supporting artist r￿￿￿￿nG1¥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- This document was delivered using electronic communications and authenticated in accordance with the registrar's rules relating to electronic fonn, authentication and manner of delivery under section 1072 of the Companies Act 2006.