Docusign Envelope ID.. 58934A18-FF2D417A-B87C-0675F805F415 Digital Arts Studios {A Compony Ilmlt&d by guarants•. not havlng a share capltall Annual Report and Unaudited Financial Statements for the financial year ended 31 March 2024 Company Number: N1068690 Charity Number: NIC106254
Docuslgn Envelope ID.. 58934A18-FF2D417A-B87C-0675F805F415 Digital Arts Studios {A company limited by guarantee, not havlng a share capital) CONTENTS Pago Directors, and Other Infomiation Directors, Annual Report Statement of Directors, Responsibilities Independent Examiner's Report Statem8nt of Financial Activities Balance Sheet 10 Notes to the Financial Statements
Docusign Envelope ID.. 58934A18-FF2D417A-B87C-0675F805F415 Digital Arts Studios IA company limited by guarante¥, not havlng a shara capltall DIRECTORS, AND OTHER INFORMATION Dlrectors Mr.18in Davidson Mrs. Laura Kirk (Resigned 6 June 2023) Mr. Ken Bartley (Resigned 2 October 2023) Ms. Claire McAuley Dr. Emily Putnam Mr. John D'Arcy (Appointed 4 January 2024) Charlty Number In Northern Iroland NIC106254 Company Reglstratlon Number N1068690 Roglstorod Offl¢e and Prlnclpal Address 1 Exchange Place Belfast BT12NA Independent Examlnfyr Muldoon & Co Chartered Accountants 16 Mount Charles Belfast BT7 1NZ Northern Ireland Prlnclpal Banker8 Co-operative Bank 18 Donegall Squar6 North Belfast BT15GB
Do¢uslgn Envelope ID.. 58934A18-FF2D417A-B87C-0675F805F415 Digital Arts Studios (A company limited by guarantee, not having a share capltall DIRECTORS. ANNUAL REPORT for the financial year ended 31 March 2024 The directors present their Directors, Annual Report, combining the Directors, Report and Trustee5' Report. and the unaudited financial statements for the financial year ended 31 March 2024. The financial slalements are prepared in accordance with the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Accounting and Reportlng by Charities.. Statement of Recommended Practice appli¢8ble to charities preparing their financial stalemenls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). The Directors, Report contains the infomialion required lo be provlded in the Directors, Annual Report under the Statement of Recommended Practice ISORPI guidelines. The directors of tho cMpanY are also charity Iruslees for the purpose of charity law and under the company's constitution are known as members of the board of trustees. In this report the dirlor$ of Digital Arts Sludlos present a summary of its purpose, govemanc8. activitie5, achievements and finances for the financial year 31 March 2024. The company is limited by guarantee and 88 such doesn't have any share ¢8Pltal. The liability of each member is limited to £1. Prlnclpal Rlsks and Uncertalntles The trustees have a risk man89ement strategy whlch comprises.. an annual revlew of the principal risks and uncertainties that the charity faces., the establishment of po51cies, systems and procedures lo miligale those risks idenllf16d in th6 annual revigw., and the implemenlalion of procedures designed to mlnlmise or manage any potential Smpact on the ch8rSty should those risks materialise. This work is ongolng lo Identify that financial sustainability Is the major finanaal risk for the charity. A key element In the management of financlal risk is a regular revi8w of avai18ble liquid funds to sellle dabls as they fall due. Attention has also be8n focused on non-financial risks arising from fire, health and safety of artists and particSpant5, management of performing rights and food hygiene. These risks are managed by ensuring accreditation is up to dal&, havlng robust policies and procedures In place. and regular awareness training for staff working in these operallonal areas. Reference and Admlnlstratlve d¢tall$ The company Digital Art Studios Is limited by guBranlee and not h8vlng a shere capital, was Incorporated on 2 April 2008 and has charitable status Ref. XT11395. The cnmpany registration number is N1068690. Ils princtpal and registered office is 1 Exchange Place, Belfast, BT1 2NA. The company registered with the Charity Commission Northern Ireland on 19 October 2017 and ils registration number is NIC 106254. Dlrector5 The directors who served throughout the financial year, except as noted, were as follows: laln Davidson Mrs. Laura Kirk (Resigned 6 June 20231 Ken Bartley (Resigned 2 Odober 20231 M5. Claire McAuley Dr. Emily Putnam Mr. John DArcy {Appointed 4 January 2024) ObJectlve8 and Actlvltles The main obje¢llve is to promote digital arts lo the genoral public. The activities during the year by Digital Arts Studios included a programme of artists resideneies, public talks, exhibitions, and screenings a5 well a5 facilitating training and outreach actlvitles.
Docusign Envelope ID.. 58934A18-FF2D417A-B87C-0675F805F415 Digital Arts Studios IA company limitgd by guaranteo, not having a share capit#l} DIRECTORS. ANNUAL REPORT for the financial year ended 31 March 2024 Overvlew: Who We Are DAS is a nol-for-profit, charity operating a sharad studio space based in Belfast's cultural Cathedral Quarter. DAS is for artists and creatives lo work, learn and advance their careers. We were born out of a desire to support and encourage visu81 artists whose work merges with digital le¢hnologies. We value and promote the convergence of art and technology, and like those disciplines and industries we are dynamic and evolving. DAS is the only facility of ils kind in Northern Ireland to promote the convergence of visual arts and digitsl technologies. DAS specifically supports artists who engage in a wide range of creative activities grounded in visual art whilst exploring new technologies. The DAS team cons18ts of Dr Ange18 Halllday, Dr Catherine Devlin and Dr Richard Davi5 who collectively have over 60 years. experience of working in the arts. W8 are a technically skilled and experiencèd team with our own art practices outside of our roles in DAS. Suslalnablllty, growth and profllo Following across-lhe-board organSsational growth in 2023-2024, DAS continues lo see Increased damand on services. resources and programme. We comfortably 8chieve 100LTr/o Uptake on residencies, workshops and other participatory opportunitl85. Our audience figure5 are growing exponentia51y, and our earned income Ss moderately rising year on year, Th8 organisation has shown not only successful recovery followng covidllockdowns (March 2020 Oct 20211 and the1099 of premises in a fire (Oct 20221 bul has aGhi8ved steady gr0h sinc8 b8coming established In our ourrenl premises 8t Exchange Place {Nov 2022 - presentl. 2023- 2024 Actlvlti8s and Programmlng 6 exhibitions showing work of 19 8rtists with 1292 publlc audlence 9 workshops wlth 56 p8rticipanls 13 intensive resid8nci8s for home artists 1 in18rnational residency 1 publlc panel discusslon on dlgilal art 2 artists, talks 1 digital artist meelup wSlh Concept Null 11 support hub particlpanls, receiving 65 hours of lechnlcal s¢Jpport We also provided year-round equipment hire. d8sk hire and membershlp lo artlsts. Fundlng Su¢co88 In 2023-2024 Digllal Arts Studios received fundlng from the following sources.. In July 2023 the Foyle Foundation awarded DAS £10.000 Iowgrds core costs over th8 following 12 months. Belfast City Coun¢il awarded DAS an Artist Studios and Maker Sp8ces Organisational Grant of £8,800, Th6 Arts Council of North8m Iréland awarded Digitals Arts Studios a grant of up to £9,997 from its National Lollery funded Organisalion Digllal Evolution Awards for ils project XR Research & Development Lab. ACNI awarded DAS through ils Annual Funding Programme- £63,673. Total Funding Reived. £92,470 Looklng forward to 2024-2025 Our priority for 2024-2025 is to sustain the cUrn1 levels of participation. audience and outcomes. We wish to continue 8nd develop. without depleling our resoue$ despite ongoing long-lerm cuts lo arts funding. {Government Investment in the arts in Nl has declined in cash lemis by 40% since 2011 1 The baseline alloc8ted to the Arts Councils per capita are Nl.. £5.07, Wales.. £10.51 and Rol.. £22.50.) We baliove that supporting the deltvery of our programme will bring continued growth as the programrne is designed lo increase access, reach more people and engage audiences, both existing and new. We aim to continue lo raise our profile both locally and intemalionally through exhibitions, residencles and the Fulure Labs Programme. We wsh lo focus on developlng specrfi'c areas of the programme including a solo exhibition opportunlty for a local artist, the creation of new digital athrk through our XR Lab and an International Residency. The 2024-25 programme has been designed to support these development aims and our wider strategic priorltles. htt s:Ilartscouncil-ni.or Iresourcesla- uide-to-advocac facts, accessed 171h June 2024, 14-33.
Do¢usign Envelope ID.. 58934AI&FF2D417A-B87C-0675F805F415 Digital Arts Studios IA Company Ilmltod by guaranto9, not havlng a share capital) DIRECTORS, ANNUAL REPORT for the financial year ended 31 March 2024 Our prlorllies in 2024-2025 are to.. Support increased demand on services, facilities, resources and opportunities by sustaining and maintaining essentlal staff resources: speafically, th& Crealive Technician and the Residency Coordinator. Increase capacity for provision of support services including l. Support Hub 2. Workshops and training.. Future Labs Progr8mme 3. XR research and development Lab 4. Access lo equipment Malntain and develop our profile through providing opportunSlles to produce and engage wllh digital art. 1. Increase awareness and understanding of digital art. 2. Create more online engagement with the public. 3. Reach more artlsls who work with dlgltal arts. Long Term Ambltlons DAS has a long-lerm ambltion lo deliver the first dedlcaled digital arts focused gallery in Belfast, alongside the studlo provision. residency opportuniti85 and other resources that we currently provide. Thls ambition encompasses our immedlale priority which is to acquire fully accessible premises. It also embraces our desire lo develop the support we offer lo artists working in Belfast by providing a physical space to experiment with digital technology, to showcase new media work and lo raise the profile of local digital artists by delivering an annual programme of innovative visual, digital arts. These ambitions will require relocating premises lo a moro accesslble and fit-for-purpose space. This is significant ch811enge given the costs of rent and the level of annual funding at standstill rates on an ongoing basls. This is an even higher priority since the loss of our premlses in Donegall Street and relocation lo smaller premises in Exchange Place. These premises are not fully accessible. and thèrefore we alm lo move as soon as Ss possible. Flnanclal Revlew The re$ulls for the year are Included on Page 9 of th& fin8nclal slatemenls. Ro$erves pollcy The direclor5' policy in relation to fr88 r8sery&s ig to ensura that Digital Art Studios achieves minimum reserves of at 18asl 6 months of the company's charitable activitl8S to maintain liquidity and to cov8r any unforeseen costs which may arise and fulfil obligations of Digital Arts Studios in the event that currenl18vels of income 8re not maintained. Free reserves are its lolal funds excluding restricted funds. Structure, Governance and Manag¢mont Digital Arts Studios is a company Ilmiled by guaranl8e govemed by its Memorandum and Artldes of Associatlon. Digi181 Arts Studios is registered as a charity with the Charity Commission of Northern Ireland. Digital Arts Sludlo has a board of directors and day lo day management of the company is delegated by the Board lo the organisatson's management team. Recrultmant and Appolntment of Dlrectors The members of the company are also the Dir8clors. New directors have an Induction meeting with the Chair of the Board. They are briefed on a range of issues inclucsing a full introduction lo the organisalion, ils decision-making process, its business plan and ils recent financial perfomiance, and the roles and r6sponsibililies of a Board Member. Speclal provlslons relating to small companles The above report has been prepared in accordance with Ihe special provisions relating to small companies within Part 15 of the Companies Act 2006. 11-sep-24 1 15:46 BST and slgned on Its bohalf by: Approv&d by the Board of Diro¢tors on 8Wn•dty. lain Davldson Director
Docusign Envelope ID., 58934A18-FF2D417A-B87C-0675F805F415 Digital Arts Studios {A company limited by guarantee, not having a share capital) STATEMENT OF DIRECTORS. RESPONSIBILITIES for the financial year ended 31 March 2024 The directors are responsible for preparing the financial statements in accordance 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 statements in accordance with United Kingdom Generally Accepted Accounting Practice {Uniled Kingdom Accounting Standards and applicable law} in¢luding FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Under company18W the directors mu81 not approve the financial statement5 unless they are satisfied that they give a true and fair view of the stale of affairs of the company and of the net income or expenditure of the company for that period. In preparing these financial statements, the directors are required to- select suitable accounting policies and apply them consislenlly,. make judgements and eslimales that are reasonable and prudent. state whether the charit'es SORP (effective January 2019> in accordanc8 Wlth FRS102 has been followed- and prepare the financial slalemenls on the golng concern basls unless il is in8ppropriale to presume that the company will continue in operation. The directors confirm that they have compli8d with the above requirements in preparlng the financlal statements. The directors ar8 responslble for keeping adequate accountSng records that are sufflclent to show and explaln the company's transactions and disclose with reasonable accuracy al any lime the financial position of the company and enable them lo ensure that the financial slalements comply with the Charities Act (Northern Ireland) 2008. 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. 11-5ep-24 | 15:46 BST and slgned on Its b&half by: Approved by the Board of Dlroctors on fi•4 by.. laln Davld8on Dirgctor
Docusign Envelope ID.. 58934A18-FF2D417A-B87&0675F805F415 Digital Arts Studios IA company Ilmited by gLsarantee, not having a share capltall INDEPENDENT EXAMINER'S REPORT TO THE BOARD OF DIRECTORS OF DIGITAL ARTS STUDIOS We report to the charity trustees on our examination of the accounts of the company for the year ended 31 March 2024. which are set out on pages 9 to 16. R•spo¢tlve responslbilitles of dlrectors and examlner As the charity truste8s land also the directors of the company for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirement5 of the Companies Act 2006 and the Charities Act (Northem Ireland) 2008. Having satisfied ourselv8s that the charity is not subject to audit under company 18W, and is eligible for independent examination it is our responsibility lo: examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008., follow the procedures laid down by the general Directions given by the Charity Commlssion for Northern Ireland under section 65191(bl of the Charities Act., and slate whether particular mallers have o)me lo our attention. Basls of Indopondent examlnor's report We have examined your charity accounts as required under section 65 of the Charities Acl and our examination was carried out in 8ccordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9}Ibl of the Charllles A¢1. The examination included a review of the accounting records kept by the charlty and a comparison of the accounts presented with those records. 11 also included consideration 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 charfly trustees concerning any such matters. Our role Is lo slate whether any material mattérs have come to our 8tt8ntion glving us cause to b61ieve; 1. That accounting records were not kept In 8ccordance with section 386 of th6 Companies Act 2006.. 2. That the accounts do not accord with those accounting records., 3. That the accounts do not comply with the accounting requirements of section 396 of the Compan16s Act 2006 and wllh the methods and principles of the Charities Statement of Recommended Pracllce applicable to chari118S preparing their accounts in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland., and 4. That there is further information needed for a proper und8rstandSng of the accounts to be reaGh8d. Independent O We have comp connection with that require draw amlnar's statement ed our examination and have no concems Sn respect of the matters11) 10 (41 Ilsled above and, In Ilowing the Directions of the Charity Commission for Northern Ireland, we hav8 found no mallers to your attention. MUL Charte ed Accountants 16 Mount Charles Belfast BT71NZ Northem Ireland Dato: ..¥
Docusign Envelope10'. 58934A18-FF2D417A-B87C-0675F805F415 Digital Arts Studios IA company limited by guarantee, not having a share capilall STATEMENT OF FINANCIAL ACTIVITIES Ilncorporating an In¢om• and Exp•nditUT& A¢¢ountl for the financial year ended 31 March 2024 Unrestricted Restricted Funds Funds 2024 2024 Total Unrestricted Restricted Funds Funds Funds 2024 2023 2023 Total Funds 2023 Notes Income Donations and legac¢es Charitable activities Other income 2.303 3.435 53,124 2,303 119,766 53,124 5.260 466 88,207 93,467 466 116.331 Totsl Incoma 5.726 88,207 93,933 58,862 116.331 175,193 Expenditurn Charitable activities 9,942 103,948 113,890 6,240 84,111 90,351 Net Incomel{oxpendltura) {4.216) {15,741) {19,957) 52.622 32.220 84,842 Transfers between funds (15,741) 15,741 32,368 (32,3681 Net movement In funds for the flnanclal yoar (19,957) {19,957) 84,9SY) {148) 84,842 Reconcillatlon of funds: Total funds beglnnlng of the year 13 116,319 116.319 31,329 148 31.477 Total funds at the end of the year 96,362 96.362 116,319 116,319 The Statement of Flnancial ActlvltS0s Includes all gains and1055es recognisèd in the financial year. All income and expenditure relate to continuing actlvllles. The notes on pages 11 to 16 fom part of th8 finanoal slalemenl8
DOcusn Envelope ID.. 58934A18-FF2D417A-B87&0675F805F415 Digital Arts Studios IA company limited by guarantee. not havlng a Sharo ¢apital} Company Number: N1068690 BALANCE SHEET as al 31 March 2024 2024 2023 Notes Flxed Assets Tangible assets 30.305 36,968 Currént A$gets Debtors Cash al bank and In hand 10 748 69,011 1,5 83,346 69,759 84,936 Credltors: Amounts falllng due wlthln one year 11 (3.702) {5.585) Not Current Assets 66.057 79,351 Total A888t$ less Current Llabllltle8 96.362 116,319 Funds General fund {unre5tricled) 96,362 116,319 Total funds 13 96,362 116,319 These finandal slalements havè been prepared in occordance wllh the special provlslons relatlng to sm811 companies wllhin Part 15 of the Companies Act 2006. For the financl81 year ended 31 March 2024 the company was enlltled to exemption from audll under sedion 477 of the Companies Act 2006,. and no notice has been deposlled under section 476. The directors confftm that the members hav6 not required the company to oblaln an audit of ils financial statements for the fSnancia1 yegr in quesllon in accordance with section 476 of the Compani85 Act 2006. The directors acknowledge their responslbllities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the slate of affairs of the company as al the end of the financial year and of its profit and loss for the financial year In accordance with the requirements of sections 394 and 395 and which olhemise comply wllh the requirements ol the Companies Act 2006 relating to financlal stalemenls. so far as applicable to the company. 11-Sep-24 | 15:46 BST and slgned on Its Approvod by the Board of Dlrector8 and authorlsed for18su• on behalf by by.. laln Davldson Dlrector The notes on pages 11 to 16 frjrm part of the finanual siaiemenls 10
DOcusn Envelope ID.. 58934A18-FF2D417A-B87C-0675F805F415 Digital Arts Studios IA company limited by guarantee. not having a shar¢ capitsl) NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2024 GENERAL INFORMATION Digital Arts Studios is a company limited by guarantee incorporated in Northern Ireland under company Registration N1068690. It is a regisl8red ch8rity number NIC106254 with the Charity Commission for Northern Ireland and is a registered charity number XT11395 with HMRC. The registered office of the company is 1 Exchange Place. Belfast, 8T1 2NA which is also the principal place of business of the company. The finanal statements have been presented in Pound Sterfing 1£) which is also the functional Currency of the company. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following accounting policiB5 havg been applied consistently in deallng with Items which are Consldered material in relation lo the charity's financial ststements. 8a$ls of preparatlon Statement of compliance The financial slalements have been prepared In accordance wllh the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102), the Companies Act 2006 and UK Generally Accepted Accounting Practice. The charity has applied Update Bullelln 1 as published on 2 February 2016 and does not include a cash flow slalement on the grounds 11 is applylng FRS 102 Section 1 A. The financial statements have prepared under the hlslorlcal cost conventlon. The financSal statements are presenlad in stérling which is the functional currency of the charity and rounded to the nearest £1, The significant 8ccounllng pollcies applled In the preparation of these financial stal8m8nts ar8 s81 oul bèlow. These policies have been consistently applied to all years presented unless otherwise stated. Cash flow ststem8nt The company has availed of the exemption In FRS 102 from the requirement to produce a cash flow slalement because it is classified as a small company. Fund a¢countlng The following are the catègories of funds malntsined.. Restrlctsd fund8 Restricted funds are funds which are to be used in accordance with specffic restrictions imposed by donors or which have been raised by the charity for partScular purposes. The cost of raising and adminislerfng such funds are charged against the specific fund. The aim and use of each reslrlcted fund is set out Sn the notes to the financial ststemenls. Unregtrlcted funds Unrestricted funds are available for ijse al the disCli0n of the trustees In furtherance of the general objectives of the charity and which have not been designated for other purposes. Income All incoming resources are included in the Statement of Financial Aclivili8s ISoFA} when tho charity islogally enlilled lo the income after any performance conditions have bèen met, the amount can be measured reliably and it is probable that the income will be received. For donations lo be recognised the charity will have been notrfied of the amounts and the settlement dale in wrlling. If there are conditions 8ttached lo the donation and this requires a level of performance before enlillement Can be obtained then income is deferred until those conditions are fully mel or the fulfilment of those conditions is within the control of the charity and il is probable that they wll b& fulfilled. Donated facilities and donated profes$lon81 services are recognised in income at their fair value when their economic benefit is pmbable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the charity would be willing to pay in the open market for such facililles and seNices. A corresponding amount is recognised in expenditurè. No amount is included in the financial statements for volunteer lime in line with the SORP IFRS 1021. 11
Do¢usign Envelope ID.. 58934A18-FF2D417A-B87C-0675F805F415 conlinued Digital Arts Studios IA company limited by guarantee, not havlng a share capital} NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 Martsh 2024 Where pracllcable, gifts in kind donated for distribution lo the beneficiaries of the charity are included in stock and donations in the financial stat8ments upon receipt. If it is impracticable lo assess the fair value at receipt or if the costs to undertake such 8 valuation oubmeigh any benefits, then Ihe fair valu8 is recognised as a component of donations when il is distributed and an equivalent amount recognised as charitable expenditure. Income from government and other grants are recognised al fair value when the charity has entitlement after any performance conditions have been mel, il is probable that the income will be received and the amount can be measured reliably. If enlillement is not mel then these amounts are deferred. Exp8nditur• All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can b8 measured reliably. Irrecoverable VAT is charged as an expense agalnsl Ihg activity for which expenditure arose. Allocatlon of Support Costs Support costs are those functions that asslsl the work of the charlty but do not dlrectly undertake charllable actlvities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the Charity's artistic programmes and activities. Thes8 Costs hav8 been allocated be88n cost of raising funds and expenditure on charitable activities. Debtor8 and credltors ro¢glvable In one year Debtors and creditors with no stated Interest rate and recelvable or payable wllhin one year are recorded al transaction price. Any losses arlsin9 from impairment are recognised in expendilure. Tanglblo flxod a8S&ts and depreclatlon Tangible fixed assets are slated al cost or at valuation. less accumulated depreciation. The charge to depreciation is calculated lo write off the orlginal cost or valuation of tangible flxed assets, less their estimated residual valu8. over their expected useful lives as follows.. Flxlures, flttlngs 8nd equipment 250A Straight line D&btoro Debtors are recognSsed al the selllemenl amount due after any discount offered. Prepayments 8re valued at the amount prepaid net of any trade discounts due. Income recognlsed by the company from government agencies and other ¢o-funders, bul not yét received at year end, is included in debtors. Cash at bank and In hand Cash al bank and in hand comprises cash on dèposit al banks requiring less than three months notlce of withdrawal. Taxatlon No current or deferred taxation arises 88 the Company has been granted Gharitable exemption. Irrecoverable valued added tax is &xpensed as incurred. The charity is an exempt charity and is considered lo pass the lests out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore il meets the definition of a charllable company for UK corporation lax purposes. GOING CONCERN The financial slalements have been prepared on a going concern basis as the Iruslees believo that no material uncertainties exist. The trustees have considered the level of funds held and the expected lev81 of income and expenditure for 12 months from authorising these financial statements. Tho budgeted income and expenditure is sufficient with the level of reserves for Ihe charity lo be able lo continue as a going concern. 12
Docuslgn Envelope ID.. 58934A18-FF2D417A-B87C-0675F805F415 continued Digital Arts Studios IA company limltad by guarant8è, not havlng a shar8 capltall NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2024 INCOME DONATIONS AND LEGACIES Unr¢$trl¢ted Rostrlcted Funds Funds 2024 2023 Voluntary Income 2,303 CHARITABLE ACTIVITIES Unrestrlcted Restrlcted Funds Funds 2024 2023 Grants from govarnmants and other co-fundars: Arts Council for Northern Ireland Belfast Council Residents rentals Setwice Provision Workshops Members Enkalon Foundation Support Hubs Foyle Foundation 69,407 8,800 69,407 8.800 2.595 714 325 91 107,831 8.000 1.350 1,110 195 30 500 750 2,595 714 325 91 1,535 1,535 10,000 10,000 5,260 88,207 93,467 119,766 OTHER INCOME Unr6strl¢ted R•strlct•d Funds Funds 2024 2023 Other Income 466 466 53,124 EXPENDITURE CHARITABLE ACTIVITIES Dlr0¢t Costs Oth•r Costs Support Costs 2024 2023 Workshop Costs Rates Insurance Support costs Rent payabl8 Artists costs Materials and equlpmenl Wages and salaries Catering & Hospitality 1,410 1,561 3,489 1,410 1,561 3,489 19,070 8.291 3,174 1.848 73,810 1.237 2.016 1,698 15,817 8.752 1.530 1.698 57,677 1,163 19,070 8.291 3,174 1,848 73,810 1,237 94,820 19,070 113,890 90,351 13
Docusign Envelope ID.. 58934A18-FF2D417A-B87C-0675F805F415 continued Digital Arts Studios {A company Ilmlttrd by guarantee, not havlng a 5hJre capltall NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2024 SUPPORT COSTS Charitabl• Activities 2024 2023 Surplusesldeficits on disposal of langibles Memberships Depreciation on fixtures,fittings and equipment Staff Training Printing postage & Slation&ry Repairs & maintenance Communication costs General expenses Publications & marketing Governance cost - accountancy fees 4,436 148 1.804 2.066 136 963 1.963 793 940 2,568 256 9,942 330 140 151 3,808 1,373 438 2,632 256 9.942 330 140 151 3,808 1,373 438 2,632 19,070 19.070 15,817 Th8 accountancy fee include8 an ind8P@ndenl examination f88 of £1,650 {2023. £1,570) NET INCOME 2024 2023 Net Income Is statod after ¢harglngl{credltlngl: Depreciation of tangibl8 assets {Surplusydeficit on disposal of tangible fixed 8ssels 9,942 1.804 4,436 INVESTMENT AND OTHER INCOME 2024 2023 Insurance clalms receivable 466 53,124 EMPLOYEES AND REMUNERATION Number of employees The average number of persons employed lincludSng execullve directors) during the flnanclal year was as follows.. 2024 Number 2023 Number Number of Employees The staff costs comprisè.. 2024 2023 Wages and salaries Pension costs 68,155 5,655 53,868 3,809 73,810 57,677 No directors reiVed any remuneration in the year12023'. £NILI 14
Docusign Envelope ID.. 58934A1&FF2D417A.B87C_0675F805F415 continued Digital Arts Studios {A company Ilm5ted by guarant•a, not havlng o sharn eapitall NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2024 TANGIBLE FIXED ASSETS Fixtures, flttings and equlpment Total Cost At 1 April 2023 Additions 38,772 3,279 38.772 3,279 At 31 March 2024 42.051 42,051 Dopreclatlon At 1 April 2023 Charge for the financlal year 1.804 9.942 1,804 9,942 At 31 March 2024 11,746 11.746 Not book value At 31 March 2024 30.305 30,305 At 31 March 2023 36,968 36,968 10. DEBTORS 2024 2023 Other debtors TaxalSon and soclal securfly costs Prepayments 8nd accrued income 1,066 524 748 748 1,590 11. CREDITORS Amount8 fallSng duè wlthln one ygar 2024 2023 Taxation and social security costs Accruals and deferred income.. Pension accrual Other accruals 1,188 514 2,000 420 5,165 3,702 5,585 12. RESERVES 2024 2023 Al the beginning of the year (Deficilllsurplus for the financi81 year 116,319 (19,957} 31,477 84,842 At the end of the year 96,362 116,319 15
Docu51gn Envelope ID.. 58934A18-FF2D417A-B87C-0675F805F415 continued Digital Arts Studios IA company limited by guarantee, not having a share capltall NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 M8r¢h 2024 13. FUNDS 13.1 RECONCILIATION OF MOVEMENT IN FUNDS Unrestri¢ted Funds Totsl Funds At 1 April 2022 Movement during the financial year 31,329 84.990 31,477 84,842 At 31 March 2023 Movement during the financial year 116,319 119,957) 116,319 (19,957> At 31 March 2024 96.362 96.362 13.2 ANALYSIS OF MOVEMENTS ON FUNDS Balan¢& 1 Aprll 2023 Incom6 Exp¢ndlture Transfor8 betwean funds 8alanco 31 Mar¢h 2024 ACNI Belfast Councll Foyle Foundation 69,407 8,800 10,000 85,148 8,800 10,000 15,741 88,207 103,948 15,741 Unr6strlcted funds Unreslricled General 116.319 5,726 9,942 {15,741) 96,362 Total fund8 116.319 93,933 113,890 96,362 Arts Council Northern Ireland Is for the purpose of core and program costs. Belfast Council is for the purpose of program costs. Foy16 Foundallon is for the purpose of core costs. 13.3 ANALYSIS OF NET ASSETS BY FUND Flxed ass6t8 charlty u80 Current assets Current liabilltles Total Restricted trust funds Unrestricted general funds 30.305 69,759 (3,702) 96,362 30,305 69,759 13,702) 96,362 14. STATUS The company is limited by guarantee and as such doesn't have any share capital. The liability of each memb8r is limited to £1. 15. POST-BALANCE SHEET EVENTS There have been no signfflcanl events affecting the Charity since the year-end. 16