Docusign Envelope ID.. 8157F32C-B2814184-A7B1-5468A5F88949 Queen Street Studios (A company limited by guarantee. not having a share oapila51 Annual Report and Unaudited Flnanclal Statements for the financlal yoar ended 31 March 2024 Muldoon & Co 16 Mount Charles Belfast BT7 1NZ Company Number: N1028725 Charlty Number: NI100835 Docuslgn Envelope ID.. 8157F32C-B2814184A7B1.5468A5F68949 Queen Street Studios IA company limited by guarantee, not having a sharo caplto11 CONTENTS Page Reference and Adrninistrative Information Trustees, Annual Report ststement of Truslees, Responsibilities and Declaration on Unaudited Financial Statements Independent Examinerfs Report Stalement of Financial Activities Balance Sheet 10 Notes to the Flnancial Statements 11-17 Docusign Envelope ID.. 8157F32C-B2814184_A781_S468A5F68949 Quean Stréet Studios IA company Ilmlt•d by guarants8. not havlng a sharo capltall REFERENCE AND ADMINISTRATIVE INFORMATION Trustees Ms. Majella Clancy M$. Joy Gerrard Ms. Fiona Rogan Mr. James Fair Mrs. Heather Moorhead Mr. Reuben Brown Ms. Amanda Coogan Ms. Asling Byrne Charlty Numb6r In Northern Iroland N1100835 HMRC Reference X0286194 Company Nurnber N1028725 Reglstered Offlce and Prlnclpal Address 2nd Floor The knches Centre 11-13 Bloomfield Avenue Balfast BT5 SAA Independent Examiner Muldoon & Co 18 Mount Charles Belfast BT7 1NZ Bankers Bank of Ireland Belfast City Branch Belfast BT12BA Docusign Envelope ID.. 8157F32C~B2814184-A781-5468A5F68949 Qu88n Street Studios IA company Ilmltèd by gu3ranta•, not having a share Gapitall TRUSTEES, ANNUAL REPORT for th8 financial year ended 31 Nlarch 2024 The trustees present Ihelr Truslee$' Annual Report and the unaudited financial 51atements for the year ended 31 Mar¢h 2024. The trustees have adopted the provisions of the Slalement of Recommended Practice (SORPI Ac¢ounllng and Reportlng by Charities IFRS 1021 in preparing the annual report and financial statements of the charity. The trustees, who are also th8 directors of the charfty, at the dale of thls report and those who served durlng the flnanclal year together with Ihg dates of any changes are sel out on pag8 3 and are listed b610w. Prlncipal A¢tlvltle6 The principal activity of the charity is lo promote, improve and advance public education in the arts and lo stimulate public interest in the arts for the benefit of the communty. Our annual programme of events allows members of the publ1¢ lo engage with hlgh qualily arl, ils molivalion, production and display. These events provide inspiration for those wishlng lo learn aboul the arts, help create confidonl audience member51art participants whi15t fostering a sens9 of wgllbaing through social engagemenl and activity. Ref8ron¢0 and Admlnlstratlon Detalls The company, limited by guaran18& and not having share capital. was incorporated on 5th September 1994 and has a char(tab18 Status for taxation Ref X0286194. The company numbar is N1028725. Tha pdncipal and reglstarèd offic8 is The Arches Centr8, 11-13 Bloomfield Avenue, B8lfast, BT5 SAA. The company Is registered with th& Charfly Corllmission Northern Ireland NIC 100835. Trustees The dlreclors, who are a180 the truste￿ of the charity Ifor the purpose of charity lawl, who served during the year are a5 follows.. James Fair Mal611a Clancy Joy Garrard D8vid Haugh8y (Resigned 31181231 Sharon Kelly (Resigned 61121231 Jim McKeever (Resigned 28121241 Heather Moothead Fiona Rogan Heather Wells (Resigned 3118123) struGture, Governance and Management Queen Street Sludlos was founded in 1984 and reconstituted in 1994 as a company limited by guarantee, defined by the Companies Act 2006. The organisatlon Is governed by its Memorandum and Artlcles of Assoclallon and managed by a voluntary Board of Directors with support from Iwo part-timo employees (Membership & Developmgnl Officer and Board Sacratary) and a freelance digital media consullanl. Dlréctors and organlsatlonal $tru¢ture Th@ QSS 8oard meets every slx weeks and in¢lud8s four studio Brtisls and four oxt&mal m6mbers wlth 6xper1159 in management, law and financ8. VV8 u8e Arts & Busine88 NI'8 Board Match Programme for recruiting non-member trustees, and artists can nominat8 Studio members ID the board. This governance 8lruclure ensures that QSS remains artisls-led while benefiting from diverse prof8ssional insights and 9xperiencos. The QSS Membership & Development Offlcer and Board Secretary have delegated responsibility for the day-today runnlng of the sludios and gallery in accordance with the instructions issued by the Board. The Membership & Development Officer works four days per week and reports to the Board Secretary weekly, The Board Secret3ry works on& day per week and reports lo the Chalr on a weekly basls. Both stsff members report lo the full Board al each meeting. Lastly, the fra91ance digital media consultant works ten hours per w8@k and r8POrts lo the Membership & Development Officer on a weekly basis. Prlnclpal Rlsks & Uncertaintles & Rlsk Managèmont The QSS Iruslees monllor and evaluate risks and 6nsur8 systems and controls ar& subject to regular r8view. The Iruslees have assessed the major risks lo which the chartty is exposed, in particular those relating to tha operations and finances of the charity and hav6 pul in plac6 a rlsk managemsnt plan lo manage any @xposure lo those risks. DocusSgn Env8lopÉ ID., 8157F32C-B2814184-A7B1-5468ASF68949 Queen Street Studios "IA Company limited by guargnlge, not having a share capital) TRUSTEES. ANNUAL REPORT for the financlal year ended 31 March 2024 The key risks set out in the organisation's risk reglsler are detailed below.. Arts seclor fundlng is constantly under threat. As with similar organlsatlons. ther8 is a risk from an over.relian¢e on annual funding rounds and Ihat fundlng In future years may be reduc9d. Th6 board recognises the risks associated with Ihls and are committed to building reserves and incrèasing operating sustsinabilily, enabling the organlsation to continu8 to make its valuabl8 contributlon lo th& Arts and Ihe wider ¢ommunSty. Th8 charity requirès sultabl8 pr8mis8S to b8 abl8 to support artists in their practice and is reslricled to 5hort- tarm leases by the nalure of Short lerm funding. The charity has a lease on 8Uitable premises unlil 31 March 2025. Following this date, the organi8alion will move lo a one"y@ar rolling contract with 6 months notlC8 to quil. There is a risk Ihal Should notice lo vacate bo given suitable, affordable premises could be difficult to secure. Actlvltles & Objectives With assistance from the Art8 Council of Northern Ireland and Beffast city Councll, QSS Supports artistic excellence and creative innovation through the provision of high quality, affordable Studios and a year-round gallery programme. Through Ihese a¢livilies w8 s8ek to r8tain and nurtur8 local ta18nt, showcase Belfast a8 8 cultural hub and fostgr links with the wder community. Achlevements & porfomiance Bgtwegn April 2023 and March 2024 QSS provided 47 s6lf-contained studios to rant in East Belfasl18ccommodating 49 artlsl81. Support from the Arts Council of Northern Ireland {ACNI} en3ured these 5tudlos remaln8d affordablè In r8181ion to artists, means. Additionally, we provided a bursary space for a Belfasl School of Art graduato {awarded to Molli8 Brownel, supporiing the transition from education to professional pracllce. Fundlng from Belfast City Council 5UPPOrted slralegic plannlng, Ihe appolntment of a Dlgltal Media Officer, a short- term increase in staffing hours and Ihe eslabllshment of a mentoring programme (benefrting eight earty career artists), while investment from Ihe Esme Mitchell Trust and Enkalon Foundatlon (tog8ther with a percentage of QSS turnover) enabled the dellvery of 20 gxhibitions across our gallery spaces. Th8se shows included lil eight solo exhlbillons (by QSS artlsts Naoml Lllvack, Sln&ad McK86var, Tim Millen and Gail Ritchie together vvilh external artists Elizg de Bears, Kathryn Graham, Clinton Kirkpatrick and No11aig Molloy),. (ill four Iwo-person exhibitlons (Karl Haganlcharlie Scotl and Reuben BrownlDarcy Patt8rson from QSS, Kale O'Neill (QSSIIClaudla Mccllelland and Va5iliki Stsslnaki IQSS}ISarah Gordonl,, and liiil eight group exhibitions {HND students from Belfast MET. MFA Year 1 students and graduating 2023 BA students from the Belfast School ofArt, QSS new members show and Christmas Showcase, neighbouring sludio group 'Crealive Exchange, members show, 56 Group Wales]At Cross Purposes featuring work by 32 artists from across the UK and a four-person exhibition by Slnead Aldridg¢, Patricia Doh8rty, Mary Theresa Keown and Louise Wallace). Further funding via ACN I's Health & Safety Capilal Programme allow8d for the purchase of essential safely equlpmenl and the upgrading of gallery lighting. In June 2023 QSS plloted a Portfolio Preparation Programmg in parlnershlp with Ul8t8r University, which involved six of our arllsls (Nlamh Clarke, Alacoque Davey, Joy Ge￿ard, Sharon Kglly, Jane Rainey and Charlie Scott}, working with 10 puplls from the Belfast Model School over thr8e days. Tho programme objectives included.. (il buildlng young people's confidence in thelr abilitle5', Illl aligning with Uu's 'People, Place and Partnership, stralegy {helping lo unlock potential and enablg acc@ss to high8r education for students from a wide range of socio*conomic backgrounds)., and {iiil building r&latlonships with local schoolslcommunitiès, promotlng @quality, diversity and inclusion. Seven of the len partlcipating studen18 went on lo apply for creative subjects at third level (ranging from graphic design. scr68n production, fine art, film studi8slproduclion and games design). Eeyond QSS, our artists exhiblted their work locally, nationally and intemalionally throughout 2023-24, providing numerous opportunities for cultural engagemenl. Suoh activities Included solo shows by Kwok Tsui (Deforral | Echo, CCA DerrylDerry Londondery and Border | Sky, RHA Atrium and Foyer Gallerfesl, Sharon Kelly (Counterpunch, Corinthians Boxing Club, Dublinl, Alana Barton IDr8amers, Hang Tough Contemporary, Dublin), Yasmine Robinson (Potluck, Coups Contemporary, London), Grac8 M¢Murray (The Revolution 18 SOFT, Katie Lindsay Gallery, Downpatrl¢k}. Clemenl NlcAe8r Irotrospoctlvo oxhlbitlcin, FE Mcwilliam Gallery, Banbrldgel, and Jonnifer Troulon (reprasented Ormston House at the Sup8rmark8t Art Fair, Stockholm)., and representation in a number of group exhibitions indudlng 'The Irish Contemporaries {ii}', Los Angeles (Alana Barton, Reuben Brown, Catherlne Davlson, Clar8 Frgnch, Ashley B. Holmes and Gall Rilchiel, Boyl6 Arts Fesllval (Frederic Huska & Jennifer Trouton), 'Shelter', National Gallery of Ireland (Sharon Kelly), RA Summ8r Exhibition, London (Angela Hackett) and the Trinlty Buoy INharf Drawing Prize, London (Joy Gerrard, Sharon Kelly & Grace McMurr8y}. Other notable achlevements includad a performance Df 'Od8 lo Joy, by Amanda Coogan and the Cork Deaf Cornmunlly Choir, Cork Mldsumm9r Arts Festival,. shortlisting of The Clare French Film for the 2023 Tokyo International Short Fllm Festival: and,, partl¢lpatlon in r8sid8nci8s by Vasiliki Slasinaki (Morpho, Antwèrp, Belgium) and Sharon Kelly (Frans Mas$re&l Centrum, Kaslerlee, Belgium). Moreover, 18Yo of QSS artists contributed to third-level arts education in BelFast. Docuslgn Envelope ID.. 8157F32&B2B14184-A7BI-5468A5F68949 Queen Street Studios IA company limited by guarantee, not havlng a sharè ¢apltall TRUSTEES. ANNUAL REPORT for th& financial year ended 31 March 2024 Communi¢atlon & Information QSS issue regular updates lo members via ewail and a dedicated Studio WhalsApp Group, keeping them abreast of studio news and opportunlties. W8 promote the artistic activities ol our members and the org8nis8tion's events programm& through re9ular pos15 on the QSS websitelso¢ial media platforms, via email to the organisalion's subscribors and Ihlrd-party platforms li.e., Irish Arts Review, lfj$ual Artists Ireland and Communlty Arts Partnership), Available studios and axhibition opportunllias arè openly advertised as they arise. Raserves Pollcy The QSS board has determined that free undeslgnaled reseNeB, equivalent lo three lo six months operating expenditure, should be maintained for the beneflt of Iha whole community in th6 svenl of an unexpected interruption of incorne, For the year 2023-24 this would equate lo approxlmalely £28,000 to £50,000. In an environment of short. term funding and contlnued pressures on financi85 resources for the Arts the board believe that this would provide sufficient lime for the organisation lo respond lo specific challenges. Spe¢ial provlsions relating to small companles The abova rgport has bgèn prepared in accordance with the speGial provlslons relattng to small ¢ompanles wlthin Parl 15 of the Companies Act 2006 18-Sep-24 | 11'.07 BST and slgnèd on Its behalf by: Approved b the Board of Trustees on Slllmed by.. Ls A FA4r James Fair Trustee Docusign Envelope ID.. 8157F32C-B281-41 $4-A781-5488A5F68949 Queen Streot Studios IA company Ilmltod by guaranto0, not havlng a shar• eapltall STATEMENT OF TRUSTEES. RESPONSIBILITIES AND DECLARATION ON UNAUDITED FINANCIAL STATEMENTS fer tha flnancial y&ar 6ndgd 31 March 2024 Gengral responslbllltles Tho trusta85, who are also dlreclors of Queen Street Studlos for Ihe purposes of company law, are responsible for pr&paring the flnanclal stateménts In aecordance with applicabla law and regulations, Company law requir&8 the trustees as th@ directors lo preparè financial Statements for each financial yéar. Undar that law the Irusleos have elgcted lo prepare the financial stalemonls in accordance with Unllad Klngdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl Including FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". Under company law the tru6189s must not approve the financial statements unless they are satisfied that they give a true and fair view of the stste of affairs of the company and of the nel income or expenditure of the company for that period. In proparing thesg flnan¢lal slalgmants, the trustees are required lo.. select suitable accounting policies and apply thom eonsist8ntly', make judgements and estimates that are reasonabla and prudent., state whelhgr the fin8ncial statements have been pr6par8d In accordance with the relgvant financial roportlng framework, idgntify those standards, and not8 the effect and th¢ raasons for any mat&rlal dtsparlure from those standards,. and prepare the financial statements on the going concern basis unless it is Inapproprlal8 to pr8sume Ihat th8 company will continue in operation. The trustees oonflrm that they have complied with the above requirements in preparing the financial statements. As gxplained in not8 3, state whether the Charltles SORP IFRS 102) has been followed- The trustee8 are responsib16 for ko&plng adaquate accounting records that aro sufficient to show and explain the company'8 transactlDn8 and di8clD8e with reasonable accuracy al any limé the financial position of the company and enable them to ensure that the financial slalements CDmply wlth. Thoy aro also responslble for safeguarding the assets of the cornpany and hence for taking reasonable Steps for the preventlon and detection of fraud and other irregul8ritie5. Trustees, declaration on unaudited finan¢ial statements In relation 1¢ the financial statements comprising the Statement of Financial Activities, the Summary Income and Exp¢ndltur¢ Account, the Balance Sheet and the related notes- Tha Irustaes approva th858 finanaal statements and conflrm that they are responsible for them, In¢ludlng selectlng thè appropdate a¢¢ountlng policies, applying them consistently and making, on a reasonable and prudent basls, the judgements underlying them. The Iruslees confirm that they have mad8 avai12bl& to Muldoon & Co, all tha companys a¢counling rècords and provided all the information, books and documents necessary for tho compilation of the financial slaloments. The trustees confirm that to the best of their knowledg8 and belief, the accounting records reflect all the transactions of the company for the financial year ended 31 March 2023. 18-Sep-24 | 11:07 BST and signed on its behalf by.. Approvod b tle Board of Trustees on Lyhidby. JWLS I Fair James Fair Trusts8 DoBuslgn Env81ope ID,. 8157F32C-B2814184-A781_5468A5F68949 Queen Street studios IA company Ilmllad by guaranleè, rnol havlng a share Gapltall INDEPENDENT EXAMINER'S REPORT TO THE BOARD OF TRUSTEES OF QUEEN STREET STUDIOS We have examined the financlal statemenls of the company for th8 flnanclal year ended 31 March 2024, which compriso Ihe Statement of Financlal Acllvitiès, tha Summary Income and Expenditure Account, the Balance Sheet and the related nole8. Th13 report Is made solely to the company'8 members, as a body. in accordance wlth Chapter 3 of Part 18 of thè Companles Act 2006. Our work has been undertakgn so that we might compile the financial slalemsnts that we havè been engaged to compile, report to the Board of Twstees that we have done so, and state those matters that we have agrèed lo slate to them In Ihls report and for no other purpose. To the fullest extent permitted by law, we do not accept or assum8 rosponsibility to anyone other than the company and the company's members, as a body, for our work, or for this report. Respective re8ponslbllltl8s of trusto88 and examiner The company's Iruslees Iwho are also the dlrertors of the company for th8 purposes of Company lawl are re8pon5ible ft)r the pr8paralion of the financial statements in a¢¢ordan¢o wlth Ihg roqulr9ments of the Companies Act 2006, The company's Iwslees considor that an audit is not required for thls financlal ygar undgr Chaptgr 3 of Part 16 of the Companies Act 2006 and that an indep8nd8nt 8xaminalion is requir8d. 11 is OLtr responslblllty to.. examine the financlal statements under seclion 65 of the Charities Act., follow the procedures lald down by the general Directions given by the Charity Commission for Northern Ireland under section 65{9)Ibl of the Charllles Act, and slate wh8th6r partlcular matters hava come to our attention. Basis of independent examlnèr's r&port We have examined your company financial statements as requlred under saction 65 of the Charitl8s Act and our examination was carried out in accordance with the ggneral Direction8 given by the Charfty Commlssion for Nothern Ireland under section 6519llb} of the Charities Act. An examination includes a review of the accounting records kept by the company and a comparison of the financial slalemenls pre8enl8d with those records. It al80 includ68 consideration of any unusual ilems or disclosures in the financial statements and seeking explanations from the trustees ¢on¢emlng any such matters. The procedures undertaken do not provide all the evidence that would be required In an audlt and ¢onsequently no opinion is given as to whether the aGcounls present a 'true and fair, view and th8 report is limited lo those mallers Set out in the statement below. In cnnnection wth our èxamination. no matter has come lo our attent4on which gives us cause to believe that in, any material resp8ct: accounting record8 were not kapl in accordance with section 386 of the Compani8s Act 2006 2. th8 financial 8tatemenl8 do not accord wlth those accounting records 3. the financial slalamenls have not been prepared in aGcordan¢e with the accounting requirements of sectlon 3g6 of the Companies Act 2006 and with the methods and principles of the Slal@mént of Recommended Practlca applicable to charities preparing their accounts in accordance with the Flnancial Roportlng Standard &pplicabl8 in the UK and Republic of Ireland {FRS1021 4. there is further information needed for a proper understanding of the accounts to be reached. Independent examiner We have no Concorns a should drawn In Ihls r statement have com8 across no olher matters In conneclion wilh the examination to which allenlion ort In order lo enable a prctper understanding of the financial 5tatemen15 to be reached. MULD 16 Mount Charles Belfast T7 1NZ Date.. Docuslgn Envelop8 ID,, 8157F32C-B2814184-A7B1-S488A5F68949 Queen Street Studios IA company limited by guarantee, not hovlng a Share capital) STATEMENT OF FINANCIAL ACTIVITIES for the financial year ended 31 March 2024 Unr6strlct8d R6stri¢tgd Funds Funds 2024 2024 Total Unraslriclod R8slriclad Funds Fund8 2023 2023 Total 2024 2023 Note5 In¢omlng Ra$our¢es Donations- grants Esme Mitchell Grant Charllable activitiès 49,447 5.000 49,447 5,000 57,918 55,028 55,028 62.145 72,047 72,047 Total Income 82,145 54,447 116,592 72,047 55,028 127,075 Expenditure Charitable Aclivilie5 51,129 51,537 102,666 86,565 55,028 121,593 Net Incomlngloutgolng r•sour¢o8 boforè Iransfors 11,016 2,910 13,926 5,482 5,482 Net movement in fund8 for the financial year 11,016 2.910 13,926 5,482 5,482 ReconGi liation of funds Balances brought forward at 1 April 2023 13 68,106 68,106 62,264 62,624 Balances carrled forward at 31 March 2024 79,122 2,910 82,032 68,106 68,106 The Statement of Flnancial Activities includes all galns and losses re¢ognised In the financial year. All income and expenditure relate to contlnuing activities. The note5 on pages Errorl Bookmark not daflnèd. lo Errorl Bookmark not dèflned. form part of thè flnanclal stal8m8nls Docuslgn Envèlopé ID,. 8157F32C-B2814184-A7B1-5468A5F68949 Queen Street Studios IA company Ilmlted by guaranteo, not havlng a sharo capltall Company Number.. N1028725 BALANCE SHEET as at 31 March 2024 2024 2023 Notes Flxod Assets Tangible assets 13,831 11,827 Current As$et$ Debtors Cash at bank and In hand 10 3,295 71,190 8,388 64,694 78,488 73,062 Crgdltors., Amounts falllng duo wlthln one year (8,2851 {16,783} Net Current Assets 68,201 56,279 Total As$gts1gs¥ Currgnt Llabilitles 82.032 68.106 Funds Restricted trust funds General fund (unreslrlcledl 2,910 79,122 68,108 Total funds 13 82,032 68,106 These financlal slatem&nts havg baan pr9pared In a¢cordan¢e with the special provisions relating to Small companies within Part 15 of the Companies Act 2006. For the financial year ended 31 March 2024 the company w28 enlllled to exemption from audlt under section 477 of the Companie8 Act 2006,. and no notic8 has been depo8lled undor 58cllon 476. The trustee5 confirm that the members have not required th8 company to obtain an audit of its financial slalements for the flnanclal year in question in accordance with section 476 of the Companies Act 2006. The trustees acknowledge Ihelr responsibilities for ensuring that the wmpany keeps aGcounting rewrd5 which comply with sedion 386 and for preparing financlal slatements which give a true and fair view of Ihe state of affairs of the company 28 al the end of the financial year and of its profft and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply wllh Ihe requirements of the Companies Act 2006 relating to financlal 8t2tem¢nts, so far as applicable to the company. 18-sep-24 | 11:07 BST and slgned on Its Approved by the Board of Tru$tees and authorlsgd for issue on behalf by ¥i##qd by. JAMLS LI Fair Jamos Fair Trustee The notes on pag88 Errorl Bookmark not defIn￿. to Errorl Bookmark not dollnod. form part ol thè flnancl31 statom9nls 10 Docuslgn Env8lop8 ID,, 8157F32C-B2814184-A7B1-5468A5F68949 Queen Street Studlos IA ¢ompany limltèd by guaranteo, not havlng a sharè capital) NOTES TO THE FINANCIAL STATEMENTS for the financial year end&d 31 Marth 2024 GENERAL INFORMATION Queen Street Studios is a company limited by guarante& Incorporated in Northem Ireland. The rgglstered offlce of the Company is 2nd Floor, The Arche8 Cenlre, 11-13 Bloomfield Avenue, Belfast, BTS SAA which is also the prlnclpal place of busines5 of the Company. The financial slalemenls hav& be6n pr&sanl6d In Pound St$rllng 1£) which is also the fijnctional currency of the company. The company registration number Is N1028725. Th8 nature Df the charlly's operalions and prlnclpal activities are to promote, Improve and advance public education in the Arts and lo 5￿MUlate public interest In the Arts for the benefit of the community. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following a¢¢ounting poliaes have been applied consistsntty In doallng wfth items which are considered material in relation lo the ¢harsty'3 financial statements. Basls of preparation The financlal slalemenls have been prepared under the historical cost eonv8ntion, modifiad to include certain itèms at fair value. The financial statements have been prepared in accordance with the Statement of Recommendod Practice ISORPI 'Aocounling and Reporting by Charities preparing their accounts In accordance wlth the Flnancial Reporting Standard appliGable in the UK and Republic of Ireland FRS I D2" As p8rmitted by the Companles Act 2D06, th8 company has varied the slandard format5 in Ihal acl for the Slalemenl of Financial Activities and th8 Balance Shèet. Departures from the standard fomials are lo comply with Ihe requirements of the Charities SORP and are in compliance wlth sectlon 4.7, 10.6 and 15,2 of that SORP. statement of compliance The financial slalements have been prepared in aCco￿ance with Accounting and Reporting by Charities: Statement of Recommended Praclice applicable to Gharities preparing their accounts in accordancg with the Flnancial Reporting Standard appllcable In the UK and Republic of Ireland IFRS 102}, the Financial Reporting Standard 2ppll¢ablo in the United Kingdom and Republic of Ireland IFRS 1021, the companies Ad 2006 and UK G8n8rally Aceépt&d A¢￿untIng Practice. The charity has applied Update Bulletln 1 as published on 2 February 2016 and doe5 not include a cash flow 5talement ON tho ground8 It is applying FRS 102 Section 1A. The finan¢ial slalements have b8@n prepared under the hlstorical Gost convention. The financial slalemenls are presented in sterling which is the functional currency Df the charity and roundéd lo the nea￿&t £1. Tho significant accounting policies applied in the preparation Df thes8 financial 8t2tements are set out below. These polldos hav8 been consistently applied to all years presented unless otherwise slalgd, Cllsh flow statemant The company has availed of ihe exemption in FRS 102 from the requirement lo produce a cash flow Statement bacausg It Is classified a8 a small ¢ompany. Restricted Funds Restricted funds are funds which are lo be used in accordance wllh specffic reslrlctlons imposed by donors or whlch have been raised by the charity for particular purposes. Thè oosl of raising and adminisl&ring such funds are charged 8gainsl the specific fund. Th9 aim and use Df each reslricled fund is set out in th8 notas lo th8 financial statements, Unrestrictgd Funds Unrestricted funds ar8 available for use at the dlscrgtion of the trustees in fiJrtheran￿ of the general objectives of the charity and whlch hav8 not baen designated for othgr purposes. Income All incoming resources are included In the Stat6m8nt of Financial Actlvlllos ISOFAI when the ¢harfty is legally enlilled to the income after any performance conditions have bean mel, the amount can be measur&d réliably and it Is probable that the income will be received. 11 Docusign Envelope ID.. 8157F32C-B281-4184-A781-54fj8A5F68949 Queen Street Studios IA eompany Ilmlted by guarantge, not havlny a sharè capital) NOTES TO THE FINANCIAL STATEMENTS continued for the finan¢lal ygar end8d 31 March 2024 For donations lo be recognisgd th9 charity will have been notified of the amounts and the settlement date In writing. If Ih8re arg conditions atlached lo Ihg donallon and this requires a level of pérformance beforè enliuement can be oblain8d then income is deferred until those conditions are fully met or the fulfllm6nt of those condillons is within tho ¢ontrDI of the charity and it is probable that they will be fulfilled. Donated facili118s and donated professional services are recognised in income al their fair value when their economlc benefit is probable, It can be measured reliably and Ihe charity has control over the item. Fair value Is determlned on tho basis of the value of the gift lo the charkiy. For example the amount the charty would be willing to pay in th¥ open mart(et for such fa¢ililies and Services. A corre8pondlng amounl Is recognlsed in expendilura. No amount is Sncluded in tha financial statements for volunlegr lim& in line wlih th6 SORP (FRS 102). Wharo practicable, gifts in kind donalad for distribution to tha beneficiaries of the charity are inc1ud8d in stock and donations in the financial 5talemenls upon recoipl. If it Is imprdclicable to ass8SS the fair value at r8ceipt or if the costs to undertake such a valualion outW81gh any b8n8fits, Ih8n the fair valué is rècognised as s component of donations when it is distributed and an equivalenl amount recognlsed as eharltabls expendllure. Income from govemment and othor grants are recognised at fair value when the charity has enlillement after any porformance conditions have been mel. It Is probable Ihat the income will be received and the amount can be measurod r911ably. If 8ntitlement Is not met then these amounts are doferred. Income from trading activlties includ8s Sncom8 eamèd from fundralslnu èvgnts and trading activities to raise funds for the charlly. Income 18 recelved In exchango for supplylng goods and sèmces in order to raise funds and is recognised wh8n entitlem8nt has occurred. Donation8 2nd Grants ara credllod to the SOFA In tha y8ar in which they were receivablg. Expenditure All expenditure is accounted for on an a¢crual$ basis and has been Classified under headings thal aggregate all costs related to the category, Expenditure is recognised where there is a legal or constructive obligalion to make payments to third parties, It Is probable that the settlement will be required and the amount of the obllgation ¢an bg measured reliably. Irrecoverable VAT Is Charged as an expense agalnsl the activity for whl¢h oxpondilur8 arose. Allocatlon of Support Costg Support costs are those functions that assist the work of th8 charity bul do not directly undertake charltable activities. Support costs include back office costs, finance, personnel, payroll and governance Costs whiGh support the Charity's artistic programme8 and activitie8. Thesa costs have b8en allocal8d b8tween cost of raising fijnds and expendilure on charitable aclivilies. Tangible fixed assets and depre¢iation Tangible fixed assets are staled at cost or al valuation, les¥ accurnulsled depreciation. The charge lo dapre¢latlon Is calculated lo write off the original ¢￿t or valuation of tangible fixed assets, less their estimated residual value, over thelr expeclad useful livas a5 follows.. Flxtures, fittings and equipment 25 % Slralghl Ilng Debtor$ Debtors are recognised at the settlement amounl due after any discount offered. Prepayments are valued at the amount prepaid net of any trad8 discounts dug. Income recognised by the company from government agencles and other co-founders, but not yet received at year ond, is included in debtors, Cash at bank and In hand Cash at bank and in hand comprises cash on deposit at banks requiring les8 than three months, notlce of withdrawal. Taxatlon No current or deferred laxallon arises as the company has been granl8d charitable exemption. Irrecoverable valued added lax 1$ expensed as incurred. The charity is an exempl Charity and is considered to pass the 188ls out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore il meets the definition of a charitable company for UK COTporalion tax purposes. 12 Docu519n Enwelope ID., 8157F32G-62814184-A751-5468A5F68949 Quaen Street Studios IA company Ilmlled by guaranteè, not havlng a share capital) NOTES TO THE FINANCIAL STATEMENTS continued for the financial year ended 31 March 2024 GOING CONCERN The flnanclal statemsnls hav8 b8en prepared on a going concern basis as the tnjstees believg that no material uncertainties exlst, Th6 trusteès have considered the level of funds held and the exp8cted level of n¢omg and oxpfjndilure for 12 months from authorising these flnancial slalements. The budgeted Income and expendilure is sufficiont vvith the level of reserves for the charity to b& able lo continue as a going concern. INCOME CHARITABLE ACTIVITIES AND DONATIONS Unrestrictod Restrictod Fund5 Funds 2024 2023 Rental Income Programmlng Incom& Esme Mllchell Grant Gallery Commission Grant Income 50.068 7.093 50,068 7,093 5,000 4,984 49,447 48,006 26,041 s,000 4,984 49,447 55,028 82,145 54,447 116,592 127,075 EXPENDITURE CHARITABLE ACTIVITIES 2024 2023 Wages and salaries Staff pension costs Artists costs 23,417 585 4,316 23,302 699 18,933 28,318 42,934 13 Docusign Envelope ID.. 8157F32C-S281-4184-A7B1-5468A5F68949 Queen Street Studios IA company Ilmltèd by guarant89, not havlng a sharo capltall NOTES TO THE FINANCIAL STATEMENTS continued for the financial year ended 31 March 2024 ANALYSIS OF SUPPORT COSTS 2024 2023 Rent payable Rates Insurance Light and heat Printing, postage and stationery Repairs and maintenance Advertising Telephone and broadband Staff training Computer costs General expenses Subscriptions Bank charges Depiecialion on fixtures, fillings & equipment 21,500 21,335 5,400 6,896 1,207 19,342 1,721 3,464 473 440 5,339 4,244 8,305 570 22,708 1,321 3,483 258 272 7,347 5 i 214 99 6,104 327 29 6,367 Governance cost 2.149 2,095 74,348 78,659 GOVERNANCE COSTS 2,149 2,095 Accountancy Included within Accountancy is an independent examlners fee of £1,650 {2023,' £1.6501 NET INCOMING RESOURCES 2024 2023 Net Incoming Resources are stated after charglngllcredltlng): D¢pr$clation of tangible assets 6,104 6,367 EMPLOYEES AND REMUNERATION The staff costs compri3e', 2024 2023 Wages and salaries Pension costs 23,417 585 23,302 699 24.002 24,001 14 Docusign Envelope ID: 8157F32&82814184-A781-5468A5Ffj8949 Que8n Streat Studios IA company Ilmltgd by guarantèè, not havlng a shar• eapltal} NOTES TO THE FINANCIAL STATEMENTS continued for the financial y88r ended 31 March 2024 TANGIBLE FIXED ASSETS Flxtures, ftttlngs and 6qulpmont Total Cost At 1 April 2023 Additions 80,834 8,108 80,834 8,108 Al 31 March 2024 88,943 88,943 D•pro¢latlon Al 1 April 202S Charge for the financial year 69,007 6,104 69.007 6,104 Al 31 March 2024 75,111 75,111 Net book value At 31 March 2024 13,831 13,831 At 31 March 2023 11,827 11,827 10. DEBTORS 2024 2023 Prepayments and accrued in