STUDIO SOUK
IA COMPANY LIMITED BY GUARANTEEI
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
CONTENTS
PAGE
Legal and Administrative Information
Directors, Report
Examlner's Report
Statement of Financial Activities
Balance Sheet
Notes to the Accounts
7-12
REGISTERED NUMBER.. N1623171

STUDIO SOUK
DIRECTORS, REPORT AND ACCOUNTS
YEAR ENDING 31 MARCH 2017
LEGAL AND ADMINISTRATIVE INFORMATION
Directors
Fraser Brice
Mark Grah8m (appointed 20 March 20171
Lorna Kennedy (resigned 20 March 20171
Claire Pallerson
Linzi Rooney (resigned 20 March 20171
Registered Office
60-62 Ann Street
Belfast
BT14EG
Independent Examiners
Harbinson Mulholland
Cenlrepoint
24 Ormeau Avertue
Belfast
BT2 8HS
Bankers
Sanlander
6 Donegall Square East
Belfast
BT1 5HL
Registered with the Charity Commission
N1100803
Company Registration Number
N1623171

STUDIO SOUK
DIRECTORS. REPORT AND ACCOUP4TS
YEAR ENDING 31 MARCH 2017
DIRECTORS. REPORT
The directors, who are also the Trustees, present their report and the audited accounts for the year ended 31
March 2017.
Structure, Governance and Management
Studio Souk was incorporated on 3 March 2014 and CoMmen￿d operation in December 2014. The directors
who served in the year are shown on page one and new directors can be appointed at a properly convened
company meeting.
Objectives and Activities
The company exists to promote arts and creative processes to the public and give heightened confidence,
purpose, creative capacity and professional development among new emerging artists.
Achievements and Performance
In 2015 il was evident that the demand for artist support and incubation spaTr was greater than our capacity.
We decided lo expand into a new premises and convert three ffoors of the building lo accommodate more artist
studios as well as offering more space to facilitate laige scale art and community projects.
This year we were awarded Belfast City Council CMAF to ftjrther our engagement with the publie 8nd promote
the arts lo a wider 8udience.
We have designed and tailored a Creative Launchpad programme for new and emerging artists. We feel il is
important lo respond lo feedback from our resident arlisls and collegeslschools, so that we can create the most
beneficial support programmes as we enter into an uncertain future with many arts organisalions closing due to
budget cuts.
We have continued lo host engaging and family friendly workshops with the public that have a fun twist such as
Painting with Tea and Water Pistol Painting.
We have been shortlisled as the 'Top 8 Creative Co-working spaces in the UK, and Awarded for our
'Commilment lo the Environment, by BFW. We are also Top Choice for Arts and Crafts in Belfast, awarded by
Lonely Planet. We feel this 15 great recognition for our work with local artists, our promotion of using recycled
products within their craft and our continued engagement with the public.
Financial Review
In the year lo 31 March 2017 there was nel expenditure of £24,06712016. £26,004 nel incomel attributable lo
unrestricted reserves which now stand al £3.47012016'. £27.5371. In addition there was nel expenditure ol £Nil
12016." £8,000) attributable lo reslricled reserves which brought reslricled reserves lo £Nil12016." £Nill.
statement of Dlrectors, Responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with
applicable law and regulations.
Company law requires the directors lo prepare f1nancial statements for each financial year. Under that law the
directors have elected lo prepare the financial statements in accordance with the United Kingdom Generally
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under compally law
the directors must not approve the financial slalemenls unless they are satisfied that they give a true and fair
view of the slate of affairs of the company and of the surplus or deficit of the company for that period. In
preparing these financial slalemenls the directors are required to..
select suitable accounting policies and apply them consislenlly.,
make judgements and estimates that are reasonable and prudent.,
prepare the financial slalemenls on the going concern basis unles5 It is inappropriate lo presume that the
company will continue In business.

STUDIO SOUK
OIRECTORS, REPORT AND ACCOUNTS
YEAR ENDING 31 MARCH 2017
DIRECTORS, REPORT ICONT'DI
The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy
at any lime the financial position of the company and enable Iheffl to ensure that the financial statements comply
with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence
for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Tax Status
Under Section 5051i} (al and {c) of the Income and Corporation Taxes Act 1988, Studio Souk is enlilled lo
charity tax exemption.
Directors and their Interests
The directors during the year and al the year end are listed on page 1.
This report has been prepared in accorclance with the Statement of Recommended Practice I'A¢counting and
Reporting by Charilies'l 2015 and in accordance with the special provisions relating lo small companies within
Part 15 of the Companies Act 2006.
Signed on behalf of the board
Fraser Brice
Director
Approved by the board on

STUDIO SOUK
DIRECTORS, REPORT AND ACCOUNTS
YEAR E1401NG 31 MARCH 2017
INDEPENDENT EXAMINER'S REPORT TO THE DIRECTORS OF STUDIO SOUK ON THE UNAUDITED
FINANCIAL STATEMENTS
We report on the financial statements of Studio Sotjk for the year ended 31 March 2017 which comprise the
slalemenl of financial activities, the balance sheet and the related notes. These financial slalements have been
prepared under the historical act convention and the accounting policies sel out on pages 7 10 9.
Respective responsibilities of the management board and the Independent Examiner
As the Charity's members you are responsible for the preparation of the Accounts you consider that the audit
requiremènt of Section 65131 of the Charities Act INI} 2008 Ilhe Acll does not apply.
11 is our responsibility lo stale whether particular mallers have come lo our allenlion as a result ol examining the
financial statements.
Basis of Independent Examiner's Statement
Our examination was carried out in accordance with the general directions given by the Charity's
Commissioners. An examination Includes a review of the accounting records kept by Ihe Charity and a
compari50n of the accounts presenlerl with those records. 11 also includes consideration of any unusual items or
disclosures in the accounts and seeking explanations from you as members concerning any such mallers. The
procedures undertaken do not provide all the evidence that would be required in an audit and consequently we
do not express an audit opinion on the view given by the accounts.
Independent Examiner's Statement
In connection with our examination, no matter has come to our allenlion'.-
which gives us reasonable csuse to believe that, in any material respect, the requirements..
to keep accounting records in accordanTr with Section 63 of the Charities Act (Northern Ireland)
2008.
to prepare Accounts which accord with the accounting records and lo comply with the accounting
requirements of the Act
have not been mel., or
to which, in our opinion, attention should be drawn In order lo enable a proper understanding of the
Accounts lo be reached.
LLts (Q
Harbinson Mulholland
Chartered Accountants
Cenlrepoinl
24 Ormeau Avenue
Belfast
BT2 8HS
Date..

STUDIO SOUK
DIRECTORS, REPORT AND ACCOUNTS
YEAR ENDING 31 MARCH 2017
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNTI
2017
2016
Unrestricted Restrided
Funds
Funds
Notes
Unrestricted
Funds
Restricted
Funds
Total
Total
Income
Charitable activities
162,268
9,500
171,768
1(11,142
5,626
106,768
Total
162,268
9,500
171,768
101.142
5,626
106,768
Expenditure on=
Charitable activities
186,335
9.500
195,835
75,138
13,626
88.764
Total
188.335
9,500
195.835
75,138
13.626
88,764
Net
ineomellexpendttur81
124,0671
(24,0671
26.004
18,0001
18,004
Reconciliat40n of funds
Total funds brought
forward
27.537
27,537
1.533
8,000
9,532
Total funds carried
forward
3,470
3,470
27.537
27,537
The statement of financial activities includes all gains and losses recognised in the year.
All incoming resour￿$ 8nd resources expended derive from continuing activities.
The notes on pages 7 10 12 form part of these accounts.

STUDIO SOUK
DIRECTORS, REPORT AND ACCOUNTS
YEAR ENDING 31 MARCH 2017
BALANCE SHEET
Notes
2017
2016
FIXED ASSETS
Tangible assets
CURRENT ASSETS
Debtors
Cash at bank and in hand
LIABILITIES
Creditots.. amounts falling due within one year
NET CURRENT ASSETS
22 809
TOTAL ASSETS LESS CURRENT LIABILITIES
THE FUNDS OF THE CHARITY
Unreslricled funds
Restricted funds
3.470
27,537
27
These accounts have been prepared in accordance with the provisions available to companies subject lo the
small companies regime within Part 15 of the Companies Act 2006, and the Slalemenl of Recommended
Practice ISORPI I'Accounting and Reporting by Charilies'l 2015.
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section
477 of the Companies Act 2006 relating lo small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to
accounting records and the preparation of accounts.
The rnembers have not required the company lo obtain an audit of its accounts for the year in question in
accordance with section 476.
The financial statements were approved by the board of directors and authorised for issue on
and are signed on ils behalf by..
DIRECTORS..
Fraser Bri
The notes on pages 7 10 12 form parl of these accounts
Registered in Northern Ireland N1623171

STUDIO SOUK
DIRECTORS, REPORT AND ACCOUNTS
YEAR ENDING 31 MARCH 2017
NOTES TO THE ACCOUNTS
ACCOUNTING POLICIES
la} Basis of accounting
These financial statements have been prepared under the histori￿1 cost convention and in
accordance with applicable accounting standards, the Statement of Recommended Practice ISORPI
"Accounting and Reporting by Charities" effective JanLJary 2015 and FRS 102 "The Financial
Reporting Standard Applicable In the UK and Republic of Ireland" and the Companies Act 2006. The
principal accounting policies. judgments and key sources of estimation uncertainly are set out below.
This has been adopted by the company for the first lime In these financial slalements. The dale of
Iiansilion was 1 April 2015 and no adjuslmenls were necessary lo the prior year statements a5 a
result of that change. The principal accounting policies, judgements and key sources of esb'mation
uncertainly are sel out below.
The directors consider that these accounting policies are suitable, have been consislenlly applied
and are supported by reasonable and prudent judgment and estimate5.
The charity meets thè definition of a public benefil enlily under FRS 102. The financial statements
are prepared in accordance with the historical cost convention.
{bl Preparation of the accounts on a going Concern basis
The charity reported nel expenditure of £24.067 for the year. The directors have considered the
circumstances outlined above, and are of the view that they have secured sufficient funding to
ensure that the company can continue lo trade for the next 12 months. For this reason they continue
lo adopt the going COn￿M basis in preparing the financial slalemenls.
Ic} Fund accounting
General funds are uniestricled funds which are available for use at the discretion of the directors in
furtherance of the general objectives of the charity and which have not been designated for other
purposes
Investment iricome is allocated lo the appropriate fund.
dl Income
All income is included on the Slalement of Financial Activities whèn the charity is legally entitled to
the income and the amount can be quantified with reasonable accuracy.
Donated facilities are included at the value lo the charity where this can be quantified and a third
party is bearing the cost.
lel Expenditure
All expenditLJre is accounted for on an accruals basis and has been classified under headings that
aggregate all costs related lo the category.
Support costs are those costs incurred direclly in support of expenditure on the objects of the charity.
Governance costs are those incurred in connection with adminislralion of the charity and compliance
with conslilutional and slatulory requirements.

STUDIO SOUK
DIRECTORS, REPORT AND ACCOUNTS
YEAR ENDING 31 MARCH 2017
NOTES TO THE ACCOUNTS (CONT'DI
(fl Flxed Assets
Fixed assets are slated at cost less accumulated depreciation. The Costs of minor additions, where
the useful life is considered lo be less than 2 years, are not ¢apilalised.
Depreciation on the assets of the company is provided on the cost of the assets, calculated al annu21
rates eslimaled lo write off each asset over the term of ils useful life. The rates in use are as
follows'.-
Furniture and fittings 25 /0 reducing balance
{gl Impairment of fixed assets
Al each balance sheet date, the carrying amounts of tangible and intangible assets are reviewed lo
determine whether there is an indication that those assets have suffered an impairment loss. Where
the carrying value exceeds the eslimaled recoverable amount Ibeing Ihe greater of18ir value less
costs to sell and value-in-usel, an impairment loss is recognised by writing down the assets Cash-
generating units lo their recoverable amount. An impairment loss is recognised immed1ately in the
profil and loss. Any reversal of a previous impairment loss is similarly recognised imrnedialely in the
profil and loss.
(h) Debtors
Trade and other debtors are recognised al the sellletnenl amount due after any trade discount
offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
{al Cash at bank and in hand
Cash and cash equivalents Include cash In hand, deposits held at call with banks and Dlher short-lerm
liquid investments with original maturities of three months or less.
Ibl Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation iesulling from a
past event that will probably result in the transfer of funds to a third party and the amount due to sellle
the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised
at their selllemenl amount after allowing for any trade discounts due.
Icl Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial
inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently
measured at their settlement value.
Idl Taxation
No provision is required for taxation as the company is defined as a charity for laxalion purposes.
lel Critical accounting estimates and judgements
In the application of the charity's accounting policies, the Trustees are required lo make judgements,
eslimales and assumptions about the carrying amount of assets and liabilities that are not readily
apparent from other sources. The eslimales and associated assumptions are based on historical
experience and other factors that are considered lo be relevant. Actual results may differ from these
estimates. Estimates and underlying assumptions are reviewed on an ongoing basis.

STUDIO SOiIK
DIRECTORS, REPORT AND ACCOUNTS
YEAR ENDING 31 MARCH 2017
NOTES TO THE ACCOUNTS ICONT'DI
Tangible fixed assets
Tangible assets are depreciated over their useful lives taking into account residual values where
appropriate. The actual lives of the assets are assessed annually and may vary depending on a
number of factors. In reassessing asset lives factors such as maintenance programmes are taken into
account. Resiclual value assessments consider issues such as the remaining live of the asset and the
eslimaled value in use.
INCOME
2017
2016
Grants
Membership
Commission
9,500
70,018
5,626
65,535
The charity earned commission of £92,25012016.' £35,607) on sales of artists, wares of £491,98712016'.
£417.4061.
BREAKDOWN OF COSTS OF CHARITABLE ACTIVITY
2017
2016
Costs directly allocated to activities:
Marketing and visual merchandising
Volunteer costs
Packaging
Hospilalily and events
Employee costs
Other shop running costs
7,750
4,993
2,288
3,208
63,379
12,025
10,335
1,460
3,312
16,575
98.135
Support costs allocated to activities:
Sundry expenses
Rent
Office supplies
Electricity
Maintenan
Credit card charges
Motor and travel
Depreciation
Insurance
Rates
Telecommunications
Governance
Legal fees
4,530
30,675
1,055
26,655
11,394
4,693
1,689
9,399
1,560
273
2.157
1.620
2,189
3,015
393
11.525
6,242
380
4,200
1,576
1,668
243
4,153
1,200
36.784
Total

STUDIO SOUK
DIRECTORS, REPORT AND ACCOUNTS
YEAR ENDING 31 MARCH 2017
NOTES TO THE ACCOUNTS ICONT'DI
DIRECTORS, REMUNERATION
The Chief Executive Officer, who remained a director until 20 March 2017, received a remunerab'on of
£30,50012016. 15,0001 and payments for managing projects of £Nil12016.. £1.1521.These payments were
for management of operations and not for her role as a director. Other directors neither received nor
waive(J any emoluments during the period.
No expenses were reimbursed to directors during the period.
The directors remuneration represents the total benefits received by key management. The charity
considers its key management lo be its Chief Executive offi￿r.
STAFF COSTS
The average number of persons ernployed by the company during
the year was
2017
2016
Permanent staff including directors
The aggregate payroll costs of these persons were as follows..
2017
2016
Wages and salaries
Employer National Insurance
61,371
15,000
TANGIBLE FIXED ASSETS
Furniture
& Fitlin
Total
Cost
Al 31 March 2016
Additions
6,877
6,877
Al 31 March 2017
39,746
39,746
Depreciation..
At 31 March 2016
Provision for the year
Depreciation on disposal
2,149
9.399
2.149
9.399
Al 31 March 2017
11,548
11,548
Net book value:
Al 31 March 2017
Al 31 March 2016
10

STUOIO SOUK
DIRECTORS, REPOFIT AND ACCOUNTS
YEAR ENDING 31 MARCH 201Y
NOTES TO THE ACCOUNTS ICONT'DI
CREDITORS.. amounts falling due within one year
2017
2016
Other creditors
Accruals and deferred income
26,968
15908
5,469
42
STATEMENT OF FUNDS
Balance
31 March
2016
Transfers
between
funds
Balance
31 March
2017
Incomin
Out
oin
Unrestrlcted funds
General fund
27.537
162.268
186,335
3,470
27,537
162,268
186,335
3,470
Restricted funds
Core Mulli-Annual Funding
9,500
9.500
9,500
9,500
27,537
171,768
195,835
3.470
The unrestricted funds represent the free funds of the charity.
The restricted funds represent a grant from Belfast City Council.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Net
Current
Assets
Fixed
Assets
Total
Unreslricled funds
Restricted funds
24
28
470
11

STUDIO SOUK
DIRECTORS, REPORT AND ACCOUNTS
YEAR ENDING 31 MARCH 2017
NOTES TO THE ACCOUNTS ICONT'DI
10
RELATED PARTIES
During the period the company made payments lo Linzi Rooney, a director, of £Nil12016.' £2,933) in
respect of goods sold on her behalf in the Souk and £30,500 {2016". £16,1521 as an employee.
During the period. Studio Souk made purchases from director Fraser Brice for £1.098. Frazer Brice also
loaned the company £25,350.
11
FINANCIAL COMMITMENTS
There were no fi'nancial commitments at the year end.
Ref.. 92593
12