Charity Registration No. NI100803
Company Registratlon No. N1623171 (Northern Ireland)
STUDIO SOUK
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
harbinson
Iiiulholland

STUDIO SOUK
LEGAL AND ADMINISTRATIVE INFORMATION
Directors
Fraser Brice
Mark Graham
Claire Patterson
Charity number
N1100803
Company number
N1623171
Registered office
60 - 62 Ann Street
Belfast
BT14EG
Indèp8nd&nt examingr
Harbinson Mulholland
Cenlrepoint
24 Omeau Avenue
Belfast
Co. Anlrim
Northern Ireland
BT2 8HS
Bankers
Sanlander
6 Royal Avenue
Belfast
BT1 10A

STUDIO SOUK
CONTENTS
Page
Di￿¢101S report
Independent examinerfs ￿port
Statement of financial activities
Statement of financial position
Notes lo the financial 8talemenls
7-15

STUDIO SOUK
DIRECTORS REPORT (INCLUDING DIRECTORS, REPORT)
FOR THE YEAR ENDED 31 MARCH 2018
The Directors present their report and financial slalements for the year ended 31 March 2018.
Structure, governance and management
Studio Souk was incorporated on 3 March 2014 and commenced operation in December 2014. The directors
who served in the year are shown on page one and new directors can be appointed al a propedy convened
company meeting.
The Directors who setved during the year and up lo the date of signature of the financial slalemenls were..
Fraser Brice
Mark Graham
Claire Pallerson
Objeetives and activities
The company exists lo promote arts and C￿alIve processes lo the public and give heightened confidence.
purpose, creative capacity and professional development among new emerging artists.
The Directors have paid due regard lo guidance issued by the Charity Commission in deciding what ath'vities
the charity should undertake.
A¢hievement$ and performan¢e
In 2018 we have added two new studio spaces to our city ￿￿tre location due lo demand. This year has seen
many cuts within the art5 sector resulting in the closure of two city centre artist studio facilities.
We continue lo thrive through hard work and determination and ensure our sustainable model is maintained
so that we will never have lo rely on Arts Council funding lo keep our doors open and our artists supported
and nurtured.
This year our Belfast City Council CMAF was used lo develop and curate a product collection that has been
made arid designed by our artists. We look part in the Belfast Met programme'lnnovale Us" to furthei develop
our skills, mainly within screen-prinling and laser cutting.
We look on an intern who was a recent graduate of University of Ulster lo work with us and help her develop
her illuslralion experience. We also look on a new member of staff who has previously worked for the
Glasgow School of Art. She has been a great asset lo the team and lakes lead on the pastoral eare of our
artists.
We were awarded Top Choice for Arts and Crafts in Belfast by Lonely Planet and awarded lop 5 places lo visit
in Belfast by The New York Times. We feel Ihis is great recognition for our work with local artists, our
promotion of using recycled products within their craft and our continued engagement with the public- making
the arts easily accessible lo the public.
In 2018 we opened a small concession within the Bèlfast City Airport. The mission of this was lo further
promote our local rnakers and talent lo tourist The key goal for the airport was to see locally made products
within the airport rather than the usual merchandise that is typically found in these spaces. This project
created five new jobs.
Financial review
In the year lo 31 hllarch 2018 there was net income of £12,90812017'. £24.067 net expendilurel allrbulable to
unreslricled reseNes which now sland al £16,378 12017." £3,470). In addition there was nel expenditure of
£Nil {2017.. £Nill allribulable lo reslricled reserves which brought reslricled reserves lo £Nil12017'. £Nill.

STUDIO SOUK
DIRECTORS REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
statement of Directors. Responsibilities
The directors are responsible for preparing the annual report and the financial slalemenls in acc(Kdan¢e with
applicable law and regulations.
Company law requires the directors lo prepare financial slalemenls for each financial year. Under that law the
directors have elected lo prepare the financial slalemenls in accordance with the United Kingdom Generally
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under company
law the directors musl not approve the financial statements unless they are satisfied that they give 8 true and
fair view of the slate of affairs of the company 8nd of the surplus or deficit of the company for that period. In
preparing these financial statements the directors are required lo..
select suitablè accounting policies and apply them consislenlly.,
• make judgements and eslimales that are reasonable and prudent.,
prepare the financial slalemenls on the going concern basi5 unless il is inappropriate lo presume that the
company will continue in business.
The directors 8re responsible for keeping adequ81e aceounling records that disclose with reasonable
accuracy al any lime the financi21 position of the company and enable them lo ensure that the finanaal
sl8lemenls 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 50511) lal and Icl of the Income and Corporation Taxes Act 1988, Studio Souk is entitled to
charity lax 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 accordan￿ with the Slalemenl of Recommended Practice I'Accounting and
Reporting by Charities'l 2015 and in a￿Ordan￿ with the special provisions relating lo small companies within
P8rt 15 of the Companies Act 2006.
The Directors report was approved by the Board of Directors.
Fraser Brice
Director
Dated.. 2.1.....

STUDIO SOUK
INDEPENDENT EXAMINER'S REPORT
TO THE DIRECTORS OF STUDIO SOUK
We report to the Directors on our examination of the financial statements of Studio Souk Ilhe charity) for the
year ended 31 M8rch 2018.
Responsibilities and basis of report
As the Directors of the charity land also ils directors for the purposes of company lawl you are responsible
for the preparation of the financial stslemenls and you have considered the audit requirement of Section 65
131 of the Charities Act INI) 2008 Ilhe Act). Having satisfied ourselves that the charity is not subject lo audit
under company law. and is eligible for independent examination, il is our responsibility lo..
examine the accounts under section 85 of the Charities Act INorthern Ireland) 2008.,
follow the procedures laid down in the general Directions given by the Charity Commission for
Northern Ireland under section 6519llbl of the Charities Act.,
stale whether particular matters have come to our attention.
Independent examinerfs statement
We have examined your charity ac¢ounls as required under Section 65 of the Charities Act and our
examination was carried out in accordance with the general Directions given by the Charity Commission for
Northern Ireland under section 65{9llbl of the Charities Act. The examination included a review of the
aceounling records kept by the charity and a comparison of the accounts presented with those records. 11
also included consideration of any unusual items or disclosures in the accounts. and seeking explanations
from you as charity trvslees concerning any such mallers.
Our role is lo slate whether any material mallers have come lo our allenlion giving us cause to believe..
That accounting records were not kept in respect of the charity as required by section 386 of the 2006
Act., or
the financial statements do not accord with those records.. or
That the financial slalemenls do not comply with the accounting requirements of section 396 of the
Companies Act 2006 and with the methods and principles of the Charities Slalemenl of Recommended
Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting
Standard applicable in the UK and Republic of Ireland.
That there is further information needed for a proper understanding of the accounls to be reach¢d.
We have completed our examination and have no concerns in respect of the matters11110141 listed above
and, in connection with following the Directions of the Charity Commission for Northern Ireland, we have
found no matters that require drawing lo your allenlion.
Harbinson Mulholland
Chartered Accounlanls
Cent￿point
24 Ormeau Avenue
Belfast
Co. Anlrim
BT2 8HS
Northern Ireland
Dated..
¥k

STUDIO SOUK
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2018
Unrestricted Restricted
funds
funds
2018
2018
Totsl
Total
2018
2017
Notes
nco
Charitable activities
147,853
10,000
157,853
171.768
Ex
enditure
Charitable activities
134,945
10,000
144,945
195.835
Net incomellexpenditur¢l for the yoarl
Net movement Sn funds
12,908
12,908
124,067)
Fund balances al 1 April 2017
3.470
3.470
27,537
Fund balances at 31 Mar¢h 2018
16,378
1 $.378
3,470
The slalemenl of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing aclivilies.
The statement of financial activities also complies with the requirements for an income and expenditure account
under the Companies Act 2006.
The notes on pages 7 to 15 form part of these finan￿81 slaternents.

STUDIO SOUK
STATEMENT OF FINANCIAL POSITION
ASAT31 MARCH 2018
2018
2017
Notgs
Fixed assets
Tangible assets
Current assets
Cash al bank and in hand
21,149
28,198
23.138
18,148
Cr$ditors'. amounts falling du8 Within
one year
127,9091
142,8761
Nel current li8bililies
14,771)
124.7281
Total assets less current liabilities
16,378
3,470
Income funds
Unreslricled funds
16.378
3,470
16,378
3,470
The company is enlilled lo the exemption from the audit requirement contained in section 477 of the Companies
A¢1 2006, for the year ended 31 March 2018. No member of the company ha5 deposited a notice, pursuant lo
section 476, requiring an audit of these financial slalemenls.
The Directors acknowled9e their responsibilities for ensuring that the charity keeps Sccounling records which
comply with section 386 of the Act and for preparing financial slalements which give a true and fair view Df the
stale of affairs of the company as al the end ol the financial year and of ils incoming resources and application of
resources, including ils Income and expenditure, for the financial year in accordance with the requirements of
sections 394 and 395 and which olhenNise comply with the requirements of the Companies Act 2006 relating lo
financial slalements, so far as applicable lo the company.
These financial slalements have been prepared in accordance with the provisions applicable to companies
subject lo the small companies regime.
The financial slalemenls were approved by the Directors on
. 21l.lllio.fi....
Fraser Bri
Trustee
Company Registration No. N1623171
The notes on pages 7 to 15 form part of these finanaal slalemenls.

STUDIO SOUK
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2018
2018
2017
Notes
Cash flows from operating activities
Cash generated from operations
14
4.990
730
Investing activities
Purchase of tangible fixed assets
{32,8691
Net cash used In Investing actlvltles
132,869}
Net cash used In flnanclng actlvltles
Net in¢￿ase1(dO¢r¢aseI in cash and ¢ash
equivalents
4.990
132,1391
Cash and cash equivalents at beginning of year
18.148
50,287
Cash and cash equivalents at end ot year
23,138
18,148
The notes on pages 7 10 15 fom part of these fin8nci815t8lemenl$.

STUDIO SOUK
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
Accounting policies
Charty information
Studio Souk is a priv8te comp8ny limited by guarantee incorporated in Northern Ireland. The registered
office is 60 - 62 Ann Street, Belfast, BT14EG.
1.1 Accounting convention
The accounts have been prepared in accordance with the the Companies Acl 2006 and Accounting and
Reporting by Charities.. Statement of Recommended Pra¢lice applicable to charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
IFRS 1021" las amenders for accounting periods commencing from 1 January 20161. The charity is a Publc
Benefit Enlily as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. hKonetsry
amounts in these financial stslemenls are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal
accounting policies adopted are sel out below.
1.2 Going concem
At the time of approving the financial slatemenls. the Directors have a reasonable expectation that the
charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the
Directors continue lo adopt the going concern basis of accounting in pieparing the financial stslemenls.
1.3 Charitable funds
Unreslricled funds are available for use at the discretion of the Directors in furtherance of their charitable
objectives unless the funds have been designated for other purposes.
Reslricled funds are subject lo specific conditions by donors as lo how they may be used. The purposes
and uses of the reslricled funds are sel out in the notes lo the financial slalemenls.
Endowment funds are subject lo specific conditions by donors that the capital must be maint8ined by the
charity.
1.4 Income
Income is recognised when the charity is legally entitled lo it after any performan￿ conditions have been
met, the amounts can be measured reliably, and Il is probable that income will be received.
Cash donations are recognised on Teceipl. Other donations are recognised once the charity has been
notified of the donation, unless performance conditions require deferral of the amount. Income tax
recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at Ihe time
of the donation.
Legacies are recognised on receipt or othenNise if Ihe charity has been notified of an impending
distribution. the amount is known, and receipt is expected. If the amount is not known, the legacy is treated
as a contingent asset.
Turnover is measured al the fair value of the consideration re￿iVed or receivable and represents amounts
receivable for goods and services provided in the nomal course of business, nel of discounts, VAT and
other sales related taxes.

STUDIO SOUK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
Accountlng pollcles
Icontinuedl
1.5 Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that
aggregate 211 costs related lo the category.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity.
Governance costs are Ihose incurred in connection with adminislralion of the charity and compliance with
constilulional and slalulory requirements.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured al cost and subsequently measured al cost or valuation, net of
depreciation and any impairmenl losses.
Depreciation is recognised so as lo write off the cost or valuation of assets less their residual values over
their useful lives on the following bases..
Fixtures and fittings
250kn reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale
prO￿ed$ and the carrying value of the asset. and is recognised in nel inwmellexpenditurel for the year.
1.7 Impaimient of fixed assets
At each reporting end dale. the charity reviews the carrying amounts of ils tangible assets lo determine
whether there is any indication th81 those assets have suffered an impairment loss. If any such indication
exists, the recoverable amount of the asset is eslimaled in order lo determine the exlenl of the impairment
loss lif any).
Intangible assets with indefinite useful lives and intangible assets not yel available for use are tested for
impairment annually, and whenever there is an indication that the asset may be impaired.
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand. deposits held al call with banks. other short-lerm liquid
inveslmenls with original malurilies of three months or less, and bank overdrafls. Bank overdrafts are
shown within borrowings in current liabilities.
Basi¢ finan¢ial assets
Basic financial a5sels. which include debtors and cash and bank balances, are initially measured at
transaction price including transaction costs and are subsequently carried al amortised cost using the
effective interest melhod unless the arrangement conslilules a financing Iransa¢lion, where the transaction
is measured al the present value of the future receipts discounted al a market rale of interest. Financial
assets classified as receivable within one year are not amortised.

STUDIO SOUK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
A¢counting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at Iransa¢lion price
unles5 the arrangement constitutes a financing Iransaclion, where the debt instrument is measured al the
present value of the future payments discounted al a market rale of inte￿$1. Financial liabilities classified
as payable within one year are not amorlised.
Debt instruments are subsequently carried al amortised cost, using the effective interest rale method.
Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course
of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within
one year or less. If not, they are presented as non-eurrenl liabilities. Trade creditors are recognised initially
al transaction price and subsequently measured at amortised cost using the effective Inte￿$1 method.
Derecognition of linancial liabilities
Financial liabilities are derecognised when the charity's conlraclual obligations expire or are discharged or
cancelled.
1.9 Employee benefits
The cost of any unused holiday enlillemenl is recognised in the period in which the employee's services
are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably
committed lo lerminale the employment of an employee or lo provide lerminalion benefits.
1.10 Retirement benefits
Payments lo defined contribution relirernenl benefit schemes are charged as an expense as they fall due.
CrSti¢al a¢¢oLtntlng estimates and judgements
In the application of the charity's accounting policies, the Directors are required to make judgements,
eslimales and assumptions about the carrying amount of assets and liabilities that are not readily apparent
from other SoUr￿s. The estimates and associated assumptions are b8sed on historical experience and
other factors that are considered lo be relevant. Actual results may differ from these eslimales.
The estimates and uncjerlying assumptions are reviewed on an ongoing basis. Revisions lo accounting
estimates are recognised in the period in which the estimate is revised where the revision affects only that
period, or in the period of the revision and future periods where the revision affects both current and future
periods.
Tangible fixed assets
Tangible assets are depreciated over their useful lives taking into account resiclual valLJes where
8ppropriale. The actual lives of the assets are assessed annually and may vary depending on a number of
factors. In reassessing 2ssel lives factors such as maintenance programmes are taken into account.
Residual value assessments consider issues such as the remaining live of the asset and the eslimaled
value in use.

STUDIO SOUK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
Charitable activities
2018
2017
Membership
Commission
Grants
Other income
58.736
88,617
10,000
500
70,018
92,250
9.500
157,853
171,768
Analysis by fund
Unreslricled funds
Reslricled funds
147,853
10,000
157,853
For the year ended 31 March 2017
Unreslricled funds
Reslricled funds
162,268
9,500
171,768
10-

STUDIO SOUK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED}
FOR THE YEAR ENDED 31 MARCH 2018
Charltable actlvltlgs
2018
2017
Staff costs
Marketing and visual merchandising
Volunteer costs
Packaging
Hospitality and events
Other shop running costs
41.540
4.025
923
1,786
4,398
23,617
63,379
7,750
4,993
2.288
3.208
16,517
76,289
98,135
Share of support costs (see note 51
Share of governance costs (see note 5)
67,763
893
96,080
1,620
144,945
195,835
Analysis by fund
Unreslri¢led funds
Reslricled funds
134,945
10,000
144.945
Forthe year ended 31 March 2017
Unrestricted funds
Reslricled funds
186,335
9,500
195,835
11

STUDIO SOUK
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
Support costs
Support Governancè
costs
costs
201B
2017
Depreciation
SLJndry expenses
Rent and rate
Office supplies
Electricity
Maintenance
Credit card charges
Motor and travel
Insurance
Telecommunications
Legal fees
7,049
750
32,967
760
1.024
8,752
4,241
132
4,221
1,062
6,805
7,049
750
32.967
760
1,024
8,752
4,241
132
4,221
1,062
6,805
9,399
4,530
30,948
1,055
26,655
11.394
4.693
1.689
1,560
2,157
2,000
Governance
893
893
1,620
67,763
893
68,656
97,700
Analysed be￿een
Charitable aclivilie5
67,763
893
68,656
97.700
Directors
None of the Directors lor any persons connected with them) received any remuneration or benefits from
the charity during the year.
12-

STUDIO SOUK
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED}
FOR THE YEAR ENDED 31 MARCH 2018
Employees
Number ofemployees
The average monthly number of employees during the year was..
2018
Number
2017
Number
Permanent stsff including directors
Employment costs
2018
2017
Wages and salaries
Social security costs
Other pension costs
41,515
61.371
2.008
25
41,540
63,379
Key management personnel re￿iVed total remuneration of £18,00012017'. £30,500} in thg period.
There were no employees whose annual remuneration was £60,000 or more.
Tangible fixed assets
Fixtures and fittings
Cost
Al 1 April 2017
39,746
Al 31 March 2018
39,746
Dèpreciation and impaimient
Al 1 April 2017
Depreck31ion charged in the year
11,548
7,049
Al 31 March 2018
18,597
Carrying amount
Al 31 March 2018
21.149
Al 31 March2017
28,198
13-

STUDIO SOUK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
Creditors.. amounts falling due within one year
2018
2017
Other creditors
Accruals and deferred income
3,691
24,218
26,968
15,908
27,909
42,876
10 Restricted funds
The income funds of the charity include reslricled funds comprising the following unexpended balances of
donations and grants held on trust for specific purposes..
Movement in funds
Incoming
Resources
resources
expended
Balance at
l April 2017
Transfers
Balance at
31 March 2018
Core Mulli-Annual Funding
10,000
110.0001
10,000
110,0001
The ￿$trIcted funds represent a grant from Belfast City Council.
11 Analysis of net assets be￿een funds
Total
2018
Total
2017
2018
2018
Fund balances al 31 March 2018 are
represented by..
Tangible assets
Current asselsl{liabilitiesl
21,149
14,7691
21,149
14,7691
28,198
124,7281
16,380
16,380
3,470
14-

STUDIO SOUK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED}
FOR THE YEAR ENDED 31 MARCH 2018
12 Operatlng lease commltments
Al the reporting end dale the charity had oulslanding commitments for future minimum lease payments
under non-cancellable opefftling leases, which fall due as follows..
2018
2017
Within one year
Be￿een two and five years
In over five years
32.584
100,000
25,000
32,584
107,584
50,000
157,584
190,168
13 Related party transactions
The￿ were no disclosable related party transactions during the year12017- nonel.
14 Cash generated from operations
2018
2017
Surpluslldeficill for the year
12,908
124,0671
Adjustments for..
Depreciation and impairment of tangible fixed assets
7,049
9.399
Movements in working capital..
IDecreasellin¢rease in creditors
114,9671
15,398
Cash generated from operations
4,990
730
1s-