COMPANY REGISTRATION NUMBER: N1643892 CHARITY REGISTRATION NUMBER: 106675 coMpINies wousé .1 I FEB IfJl4 BeLFfvSI Vault Artist Studios Company Limited by Guarantee Unaudited Financial Statements 31 March 2023 •JCWSIH8V* 1310212024 c￿1PANIEs HOUSE JNI #24 BBS Nl LTD Chartered accountanls 17 Willowbank Drive Belfast BT6 OLN Vault Artist Studios Company Limited by Guarantee Financial Stalemenls Year ended 31 March 2023 Page Trusiees, annual report (incorporating the directorfs report) Independent examinerfs report to the trustees 11 Statement of financial activities (including incorne and expenditure accounl) 11 Statement of financial position 13 Notes to the financial slatemenls 14 Vault Artist Studios Company Limited by Guarantee Trustèes. Annual Report (Incorporating the Directorfs Report) Year ended 31 March 2023 The Iwslees, who are also Ihe direclors lor Ihe purposes of company law, presenl their report and Ihe unaudiled flnan¢lal siai6ments ol the chariiy for Ihe year ended 31 March 2022. R•feron¢• and adrnlnlstr•tlv• d•la118 R•g1st•r•d chaflty name Vault Artist Studsos Chaffty reglstratlon number 106675 CornpaThy r•gls¢ratlon numb•r N1643892 Princlpal officg and r•glst•red 41 Greenview PaFkgate 8allyclarn 8T39 OJP The Irustees Ms McBurney Ms O'Neill-Nicholl Mr Hilken Mr Tur*ington Ms Halligan Ms Campbell Mr Dilchfield Mr Pallon Resigned 31• December 2022 Resigned 101 November 2022 Restgned 131h May 2022 Appointed 91Th December 2022 Appolnted 3161 December 2022 Appolnted 1•t Novernber 2022 Company Soerotary Llnda McBumèy Indèpend•nl examin•r Louise Gorman ACMA 17 Willowbank Orive 8elfa51 8T6 OLN Structure, g•v•rnancé, and management Vaull Artisls Studio is a company 1Sm51ed by Guafanlee 9ovemed by Ils Memorandum and Arlicles of Association daled 27LTh October 2021 (amendéd). It 1$ regislered 83 a charfly with HMRC and the Charilies Commission Noilhern Ifeland. Vault Artist Studios Company Limited by Guarantee Trustèès. Annual Report (Incorporatlng the Dlreetorfs Report) (¢•nUftu•d) Year ended 31 March 2023 Introductlon 11 was anolher year filled with Ihe acuvlly at Vault Artlst Sludios agalnst the b3¢kdryp of bein9 seN•d notice on oui space al Tower Slfeet. This news, whlle exliemely dlsappoinling and challenging, provided us wlth Ihe energy lo deliver an exciung and dynamlc arts public programme for Ihe lasi year of our lime In the spaee thai we had ca116d home lor almosi S yeais. We welcomed over 5.000 people into Ihe bvildlng lo attend gallery exhibllions. thealre and cabar¢i perfoimances, and arts markets. We 8lso share(l our skills and lalenis wllh over 400 people who allended woikshops and classes wilh our members. The'MembOf'S Association, continue io represenl and s6￿e our member$, communily needs. Cheylene Murphy. Mlck Mccullagh, Ashton. Jacob Anderson, Siobhan McKinley and Emily M¢D¢nagh worke Incfedlbly hard to help the new group become the be8tln9 heart of Vaull. Thelr efforts to hosi Communlly evtnls. members meetings. social meolups and Improve communicalion have conlinued lo Impact in helplng cur members engage with the ￿mMUnity and make il an important part ol everyone's Ilves once more. The tiustees conlinued lo tyuild the oiganisational capacity Ihrough a SUC￿551￿1 gf8nt application (rom Future Screens funding whlch allowed us lo recruit a brand new Sludio and Events ASSIS￿nI lor 3 years. We now have Ihls lull Ilme posltiorn f511ed by Jocab Anderson who woiks alongside aur 5elf-employed Building Manager. Neal Campbell and Admin Asslstant, Mick Mccullagh to deliver events and sludlo support and managemenl. We ale delighled lo have such a strong leam thal is cMiplelely invested in the organisallon. We hav8 lald the groundwork lo secuie more perrnanenl lunding for Ihe exisling staff and will work lowards Ihis in Ihe next financlal yeai. In addition lo this. Ihrough Ihe Arts & Business 81ueprlnl fundlng we have secured an addlllonal £30k Irom January 2023 - December 2023 lo supp purchase ol equlpmenl as well as organ15alional PR costs. To date. PR work has been done voluntsrlly by a srnall dadicaièd team of members bul fecognlsing the importance ol this In generallng income and securing the lulure of the organlsalion. the trustees fell it was important to Invest in this element of the organlsallon. Rising energy costs and Ihe cosi of livlng continued Io poge challenges for the organlsation. Eleclriclly prOV￿e$ Ihe only way lor our member5 to heal thelr sludlos. and our building Manager conlinues lo explore utililiès supply 8nd costs wilh an energy consultanl which has helped us to secufe an advanced and stable cosl for electricily. We are also anlicipaling a considerable decrease in our cvffenl reseples to help us move premises and we had prepared lor Ihis evenluality in previous years by buildin9 UP our reserves. Our previous 01ganisalional planning had been underlaken with a vlew Io securing a new 5 year lease to remain in Ihe Tower Stréet buildin9. Howèver. Ihis tumed out nol lo be Ihe case an¢ we were serrfed nolice in February 2022 and advlsed thai we would only have until March 2023 in ihe Towel Slffeel building. 2022123 became Ihe year ol preparing lor change, and we spenl a lot of Ihe year lrying 10 secure new premiS8S. Our building manager. wilh thé SUPPOrt of a small gr¢up ol people. searched lor a new bulldlng and engaged in research io search for suilable premises. We successfully secured premises for approximalely 30 people in Ihe Shankill Mission building on the Shankill Road which is owned by Argyle Business Cenlre and premises for approximalely 70180 people in MarlboroLKJh House, ViG(oria Slreel. Belfast ciiy Cenire. Lastly. our boafd of trustees underwenl many changes Ihroughout the ye818nd we would like lo thank everyone lor Ihe lime and energy they ¢ommined lo servln9 the organisation, Outgoing liustees between Aprll 2022 and March 2023 Included Gemma Mae Halllgan. Adam Turkingion and Rob Hilken, who we Ihank foi Iheir long ienufes as Iwslees and recognlse thelr Influential contritsutions to the lounding and developmenl ol Ihe organisalion. Vault Artist Studios Company Limiled by Guarantee Trusteès. Annual Report (Incorporatlng the Dlrector's Report) (¢ondnutéJ Year ended 31 March 2023 Adam Turkinglon was Ihe founder ol the Bellasl Bankers and drlvlng lorce behind the gfowlh of Vaull Artist Sludios. The six years that he served as Chalr of the 8oard saw hlm oversee the blossoming of Ihe organlsallon from our first bullding with less Ihan 25 members to our curreni position ol housing over 25Vo of Ihe clly's artisl Studio pla¢es.11 was wilh greai sadness Ihal we said goodbye lo hlrn as Chair irt 2022, bul are delighted Ihat he wlll remaln a valuable rnember and assel lo Ihe or9anlsalion golng lo￿ard. Rob Hilken was a dedicaled member and esteemed truslee al Vault for almosl six years. where he held Ihe posilion of Treasurer and Secietary duiing his ienure. Rob's commilment lo Ihe organisalion and 90t)d governance is invaluable and unwaverin9 and we are glad Ihal he continues lo support Ihe org8nisalion Ihrough hls conllnu8d Invofvemenl in Ihe Members Assoc5alion and Iha Gallery Team. Gemme Mae Holllgan was a commilled and esleemed Irusleg on Ihe board for Ihree and a half yea and hei ￿ntribUtIon lo the development ol Ihg orgat)isalion has been invaluable. Drivin9 ¢h8nge in organisalional policy and slructuie was a key fealuie of Gemma's fole in the organisation and promoling non-hierarchical methods of communicalion has been ¢fu¢lal in th6 Qfo%fflh ol Ihe organisats'on. In Oecember 2022, Slnéad O'Nelll.Nicholl was appolnted lo Ihe role ol Chair of ihe organisalion and Kristi Campbell was recrniled from Our membershlp lo joln the board ol trustees based on her exlenslve business and finance experience and knowlèdge of the organisalion. Kdsli is a piofessional pholographer, a fomer lThvestmenl anatyst she is currently finishlng her mastets degree in City Plannlng and Design, with a locus on the role ol Ihe arts in plannlng. The truslees also held a ¢ecnJitmeni pf•xesg lor exlemal Iruslees whlch recelved a signifficanl nurnber ol quality applicalion3. The process led lo the recrullment of Mike Dllchfield who comes to Ihe organlsallon with 8 wealth ol experience in the public $8clor. A Chartered Valuation SuTheyor. he curyenuy works In a publlc seclor finance role and enloys hostin9 brealhwork. druffl clrcles and coachlng sesslons. Krisli and Mlke Join Sinéad and Llnda McBurney who have served on th8 board fol alm0513 years, 8longslde another recentty rgcrulted trustee MafCUS Patlon. Marcus has an exlenslve sklll set as an experienced archilecl speclalising In hefltage buildings, he is also an accornpllshed artist and Royal U151er Academy Academlcian. He is a member of many orche5tsal ensembles and has served as a boar(J member for a nurnber ol organisalions throughoul is life. ObJe¢tlv•s and acllv115•5 Why ar• we her¢? To creato a place where art and people Gan Ihflve Our manlfe8to We are a collective of individuals. Each dIfIe￿nI bul held togelher by Ihe need to create lo make something come alive arnd lo shape it. We revlve Ihe overtQQked. lh¢ iindervalued. the empiy spa¢¢, Thi5 building is where we work but we choose to make 51 a place for us lo play - wthere we can expiess ourselves and invesl in each olher. We make il a slffjngroom for our idegs, our developrnent, our collKtive voice. This is Vaull, Be here. Speak up. Love thls place. Vault Artlst Studios Company Limited by Guarantee Trustees. Annual Report (Incorporatlng the Director's Report) (contlftuod) Year ended 31 March 2023 The Charity's obj•ct5 ("Objects") are to:. (1 I Promole arts and c￿all¥llY to the 9eneial public in the G￿ater Bellasi a￿a an(1 its environs (the "area 0¢ benefit.) by: (a) eslablishing and mainlalnin9 one or rnore Arts Centres Ihat will provlde affordable sludio, offirA and workspace lor artists and crdftsmen on lerrns appropriaie lo their means. enabllng dlr8cI engagomenl wilh other arlists. Craftsmen and Ihe public in a Sludio or WQfkola¢e setting: (b) promollng. organising and delivering ￿entS which irnpfove publlc access to. and participation in. arts and crafts,. (c) organislng workshopg and seminars and enablin9 th8 use of lacillli8s by communlly gioup5 and organisalion8: {d) encouraging inleresl in. rai5irvJ awareness of and foslering Ihe developrnenl of crealivelexperimental projects: le) encouraglng and loslering a vlew of the arts as a medium ol Informa￿on. expr088i0n and advancement. (2> Promoie community deveiopmeni and ihe ffjgen¢raiion of local areas by occupylng l¢m¢¢ly empty premiseslbuildings and. where appropriate, presen4ing. maintaining and •mprovSng such lacililies. Whlt do ￿ do and how do we do It? We salvag0 disused buildings as affordable spac8 for people lo mako arl and support creativlty. We losler engagement 8mon951 Our members 1¢ develop new ways ol working and strengthen o•Ji impaei 8s a colleclive. We provldè 8n 811offlaiiv8 independent piaiiorm for ¢hallen9ln9 and celebfollng the arts. Whal makes us dlff¢i•n17 Ouf members cover 8 broad range ol art and creative dlscipllnes. Our Independence allows us to org8nl$o 8rcund Ihelf individuel needs and Invesl In e8ch other. Our collective atttlude glves us Ihe energy lo aflect Ihe change Ihat matteffd to us. Boneflelarlos Oui beneficiaries fall under Ihree distinct calegories.. our members. lo whom we provide affordable workspaces and support: olher afls Pfofessionals and community groups who rent spaces on an adhoc basis: and Ihe general public who allend oui exhibllions and events. Vault Artist Studios Company Limited by Guarantee Trustees. Annual Report Ilncorporating the Directorfs Report) {eontlnuodJ Year ended 31 March 2023 Memborn We provlde affordable workspaces Io Our 106 afltsl members. Our membership Includes artists from acr055 a wide range of ueative dbSC4plines and practices al all stages of their careers. Our members include ihose Ihat work as: Wisual arllsls (Including painters. sculplors. pe1tomian￿ artisls. sound artisls. photogiaphers. prinlmakefs, craft fftake￿, curalors, slte8t artisls, lextile artists, illusifdtors) Filfflmakers (including direct*YS. producers. wrilern. anlmatorn, motion giaphic designern, actors) Cornmunity artlsts and fadlilatofs Theat￿ makers (including aclors. vrrilefs. directofs, pr(x4ucers) Other performin9 artists linduding circus, slreet perfomiers, dancers. choreographefs) Writers (Including literalufe. gfaphlc novetslcomic artlsls) Musiciarts IlftdudiNJ S¢¥)gwf•ters, singers. iradilional muslcians. bands. c4)mposers) R•)om renlals We provide sht)rt lerm Tenlal opporlunilies of four spaces lo arts profe551onals, communlly groups and Individuals. Uses of renle(I spaces Include., Classes (dancing. hèallh and wellbein9 (yoga. pilales) Reheafsals (Iheatrè, dance) Youth gfOUPS Partnerships wilh other local art8 organisaiims such 0$ Easl Side arts a8 a venue Achlevements and p•rfomian Exhlbltlon Prograrnme Our gallery exhibition programme began In June wilh 'The Space 8etween' by Aaron Macgowan. The exhibiliort progr8mrne was one ol the main casualltes ol the pandemi¢. which greatly reduced our ability lo delivw indoor 8vents. However. this ambilious exhibillon. the first solo presenlation of work by the artist. was a slalemenl of intenl for Ihe use of our canleen space and kicksl8rted a ￿neWed enthusiasm lo delfvei a regular visual arts prograTr*ne In Ihe space. We woukl like Io ihank Cathy Scullion and Laufa Nelson for Iheir passion and commilmenl lo the 9allery and th811 eHoits in leading the gallery team Ihat included around a dozen other members who SUPPMed Ihe ptogramrne. Room bookings continue The following rooms remaln av8ilabie for fent Rehearsal space Oance studio Theaire Room bookings conlinued when covid Tegulalions permilted but suffered significanl impacl whèn strici re9ulalions reslricled particular adivilles With the support ol Easlslde Arts. Belfast City Council and the Lyric Tr*alre. we recently received a reiraciable sealin9 sysiem Ihal will allow more flexibilily lor oui Iheaire space 10 hosi evenls when regulalions alk￿. Vault Artist Studlos Company Limited by Guarantee Trustees, Annual Report Ilncorporallng the Dlrector's Report) (conllnu Year ended 31 March 2023 Ouf 2022 rales are deslgned to meel the needs of Iho$e on low if￿Orne and are as follows: Mourly Mall day Full day Wooll IS dayAI Woo*17 days) Sthndard rotos D•n¢• aludlo I rth•4rs•l i•om £30 £120 £195 £780 (1170 7he411• £360 £58> £2340 È3510 Commvnlty l ¢on¢e$¥lonary rn10s D•nc• •tudlo I ¢•h•4rs•i Tgtym £10 £65 (260 E390 Th••lr• £100 £180 £720 £1080 Ev•nls This year saw a lull pro9ram of events lak• place In Vault Artlst Sludlos Tower Street. Seelng ar¢￿nd 400 Anisls Involved $246 audlence rnembers and 438 workshop attendees. Much of this is due lo Ihe success 'NOW thats Vlhal I Call Vaull, gallery progfom, culminating in a gioup show In MART Dublin. Aiongside this we had 2 succèssful m8rkels. (one managed In drlficult clrcumslances created by the sudden dealh of the Queen. which fequlred 8 scaling back of Ihe progr8mme as a rnark of fespecl lo the local community around Tower Streel). 8 successlul and hjll program of events in partnership with Easlside Arts Fèslival who used VAS lo smoothly hosl 12 separ8te evenis and Vauft Fesiival. celebrali'on of all things Vault. part lunded by ACNI. Ail of Ihis is bittersweel because il leli like we were slarting to get a real grasp on how to besl utili5e the building shorlly before we h8d to vacate it. However, we will use Ihe leamlng ffom Ihls period io Dnlofffl Ihe evenls in our current and fulure buildings. Ev•nt Name, Date Oescrlpiion Artjsls / Staff 8eneflclarfes, Audleneé 8enell¢larf•s, attendees (workshop) Hit Ihe North Exhibilion opening 21st April Exhibilion openlng ol slieel art Fesllval hil the north 10 73 What's he building in there? We deser4e to know. Exhibition openin9 01 Ihe worf¢ of Leo Boyd Young Wab . Th• rilm. 21 sl Jun8 Film screening 59 Zebra Town opening, 22nd July Exhibillon opening ol disabled and chronically ill artisls, including Wendy Nichole Keys and H6len Gomez 41 Vault Artist Studios Company Limited by Guarantee Trustees. Annual Report {Incorporating the Directorfs Report) (eondnu•d) Year ended 31 March 2023 Evenl Name. Date Descrfp¢lon Arf15ts 1 Staff Beneflclarfes. Audlence 8eneflclarles. attendees (workshopj Il's Bk)wing a Gale oulside. 291h July Exhibilion opening ol Ihe work ol Joshua Bufnside 45 Car Bool sale, 3151 July Vaull Artisls car boot sale 500 ESAF- Billy Boy. 41h August ESAF Iheatre Wofk 75 ESAF - Otler Debauchery. 51h August EASF comedy perfom)an¢e ESAF - Cabarel VavllBife. 61h Augusl ESAF Vauli ¢abaret featuiin9 music. clrcus and dar 12 100 ESAF -Orogkstic Cabarel, 7th Augusi ESAF Cabarel 10 100 ESAF - LG8TQ+ film screenlng. 91h Augusl ESAF film showirvj ESAF - Streal art walking tour Iolh August ESAF $eedhead arts wolking toui startlng @ Tower Street 20 ESAF-111 lell me ma ESAF solo Ihealre piece ty VAS member Chrisiina Nelson ESAF Murder she vrfolo off - 11112lh Au9uSI ESAF interacti¥8 Ih8alre pie including VAS member Mary Jordan 179 ESAF Anthem - 131h August ESAF solo Iheatre piece by VAS member Alice Malsefjd 77 ESAF - Works of unpaialleled genius - 141h Au9usI ESAF - drcus short fdms showing ol VAS mern￿rs Neil Hainsworth and Ken FanniThJ 28 ESAF Funkademy - 81h - 1 llh August ESAF - series of chiklfen's arts wort(shops based in Tower Streel including Filmmaking, Circus ran by VAS memb¢r Christina Nels 10 250 ESAF Faculty weekendef 131h1141h Augusl ESAF . series af adull focused W0￿$hopS coordinaled by Seedhead arts 60 It Could be You - 191h Augusi Exhibition opening ol the work Rob Hilken 48 Vault Artist Studios Company Limited by Guarantee Trustees. Annual Report Ilncorporating the Dlrectorfs Réport) (conunuodj Year ended 31 March 2023 Event Name, Oate O¢$¢riptlon Artists I Staff Benofl¢larloS, Audlenco 8enellclarles. attendees Iworkshop) Vault Festival- 27lh Au9USt One day lestival Including over SO perfom)ances Inclu¢lng wall dance, music. circus. dance. workshops elc 75 300 100 Remolely Radlcal . 2nd Sepi Exhibltion openin9 and family lriendly workshop showcasin9 lh• work ol Sally O'Dowd. Grace Mcmurray and Charlolle Bosanquel 42 10 Vault Summer M8rk8t- 10111 Ih Sepi Artist Market lealurfng 60+ stalls ol VAS members and other 8rtisls 75 1487 Change as a Conslant- 17th Sepi Exhibition opening of the work of Dra9os Mu5al 53 A Hopeless Roman¢e I 8elongin9 - 30lh Sepi Exhlbilion opening and circus performance double blll featuring work ol Rulh Crolhefs and Cikada Circus 75 XR Change is now Tour slop XR bus tour slop wilh lalks and Information sessi¢ns 32 East Bellast Enterprise Crealive afternoon - 14th Ocl EBE conference feaiuring food and perforrnances supplied by VAS arlists 43 Sense ol Place - 14th Ocl Exhibition opening ol the work ol Jonathon Brènnan 55 Szuszu and Joha Mune slgn painling weekend class Oct Sign painllng Wofkshop with VAS arlist Szuszu arxj inlemational signpainter Joha Mune. 18 Everything is empty . 3rd Nov Exhibilian opening ol the Wofk of Jamie Hafper including film screenlng 38 Wofship the L8sI Thread as a Relic- 21sl Nov Exhibilion openln9 of Ihe work of John 83ucher 72 Hallowisimas - 251h Nov Comedy show 59 Chrislmas Markel 3141h Dec VAS market wilh 604 artisls from VAS and elsewhere 75 1000 Law of S's - 91h Dec Exhibilion opening ol the work of FG8 71 Vault Artist Studios Company Limited by Guarantee Trustees. Annual Report (Incorporallng the Dlrector's Report) (conunuod) Year ended 31 March 2023 Evenl Nam6, Datè Oescrlptlon Artists I si•ff Benèllclarles. Audlen¢o 8•nèflclarles, attend¢¢$ (work8hop> Shadowlands- 161h Dec Exhibillon opening of the woth of Wilhemina Peace Covington, Raouel Amat and muslc lrnm DraAos Musai 47 Open SludiL)s - 17th Open sludios from a variety of VAS artisls induding Leo 8oyps 10 200 S246 Audl6n¢• Membern 438 Partlelp•nts Artlsts Sludlo provlslon We began Ihe year provlding Siudio worf(spa¢e to 111 artlsts and ended Ihe yea¢ wilh 106 ff*mbers. We currenlly have 8n extensive walling ltst in •xc•$s of 70 appliC8nlS. Crealed pald roles and WQfk opp¢)rtunltl•s for our membern. We cre8led paid roles lo manage our Summer 2022 m8rk&l and Chfislmas 2022 markel. Paid (oles were also created fof perfomiefs and artisls who showcased elements of their artlsltc praclice al Ihese evenls. Pald rolès wera Cfèaled lof elèrnenls of our events programm6 Includlng ihe VaLtII Fesllval and. Funkademy {wllh Easl &de Arts). where roles for proiect managers. curators. slewards. performers and lulor5 were Grp318d. Oui exhibition prografflffle has banefrtied frcm a fonéwed sense ol vigwr made possible by tho dedication and hardwoTk of a small learn of volunleers namely, Laura Nelson. Cathy Scullion. Llnda Mc8umey. Rob Hilken. Sally O'l)owd. Leo Boyd. Marta Dyczkowska. Mary Jor¢an, Rvlh Crolhefs and Jonaihan Brenrtan. A series ol monthly av•n(S was pr¢gramm8d thiou9houl thè yaar Io Support the members of Vault vla submlsslon to an open call piocess. The open calls are open lo all members fegardless of Iheir pracltu or discipline. Wo received lunding from Ihe Esmo Mitchell Trusl. ensvrin9 that arli515 ethibltlng bn our 2022123 programme each I￿1Ved a nomlnal lee to help with exhibilion expenses. Restrlctlons on who can benefit There are reslrlclions on who can loin as a rn8mbei. Th8 folowing criteria are used to assess naw applicatsons Ensure we represenl a diverse range ol artlomis Ensure we mainlain a good gendef balanr Ensure our mefnbers have an aclive artistic practice Ensuffj rnernbe￿ demonsifaie a need lor low Cosi workspaces Priofity Is given lo members Ihal ale based In Bellast Vault Artlst Studios Company Llmited by Guarantee Trustees. Annual Report (Incorporallng the Directofs Report) (¢ontlnu4d) Year ended 31 March 2023 People thal make use of (￿r loom rentals musl ensure they have adequate public liability insurance. There ara no restrictions on those Ihat can benefil as audiences and parlicipants at events. In Ihe pasl year. several ol our unpaid TNslees have received a small financial benefil from v￿rt(ln9 al even15 on behalf ol VAS. This was undertaken with the express approval of the Board member8 and only in very exceptional circumstances e.g. wfien no other suilably qualified rnembec was available Of thai tho Truslee perfomied a duty Ihal no other member wlshed to undertake but was sIgnif￿an1 to VAS repulalion wilhin Ihe local community. Exceptlonal paymènts to Trustéés Sinead O'Neill Nicholl received a per diam lee for her continued partlclpalion in Ihe Blueprint programme as a contribution tOW8rds expenses Incurred loi Iravel and subsislence, working days and olher study lo ensure the successful complellon of Ihe 81ueprlnt progf8mrne which spanned the nan¢lal years 21122 and 22123. This small fee ensure(J Ihal Vaull was SUC￿81U1 in reachlng ihe Sacond round of this S year programme lo receive lundlng lor 4 years Irom Arts and Buslnèss. No other trustees or Staff were in 8 posllion to do thls work on behalf of Vault. Slnéad O'Neill-Nlcholl rernived a payrnenl for perfomer lee lo fill a role Ihal was gpedflc to her skills and Iho broader evenl and Ihai Could noi b8 re¢fulted lor elsewhere. Gemma Mae H811igan r8c4lved market perfofmer lees in ord8r10 fill a role ih81 was offered broadly lo members bul Ihai we Were Othe￿1$8 unable lo fill. Hami There Is IK) hami arfsing from any of our purposes. Prlvatg B¢neflt Truslees Ihat exhlblted thelf work in the gallery did so 8s mernbers where 811 members were permitted lo do so vn¢Jor Ihe gvidance ol a non.IfUStee curator. Trusiees avalled of studi¢ sp8ce bul Ihis is necessary as sludlo rnernbers must be représ8nte and the Companie5 AGI 2006. Accounling policios Basls of pr¢parallon Th6 financial $taiemeniS havo been prepared on Ihe his1or1￿1 c¢sl basis, 89 modified by the r8valuation of certain financial ass81s and liabilities and invéstm8nl prop8rt¢es measured al lair value through income or expenditufe. Tho financlal slalements are prepared in slerfing, which is Ihe functional currency of Ihe enlity. Golng concern There are no malerlal unc4rtalnlies about Ihe charity's abilily10 ￿nI1￿lja, Judgement8 and key sources of esllmatlon uncertalnty The Pfeparallon ol the financial Slatemenis requI￿S managemenl to make judgements. esltmales and assumpiions Ihal affect the amounls reported. These eslimales and judgemenls are continually reviewed and are based an experience ond olher factors, including expeclatlons al fulure evenls that ar• believed lo be reasonable under the circumstances. Fund accountlng Unreslricled lunds are avoi18ty1e lor Use al the dlscrellon ol Ihe Iruslees to lunhgr any of the charity's pvrposes. Deslgnaled lunds ar8 unr8slricled lunds earmarted by the Iruslees for particular luture projecl or commllmenl. Restricied funds are subjecled Io restriction5 on their expendilure declared by ihe donor or through the terms ol an appeal. and lall into one of tsvo sub-classes: rostricled Income funds or endowment fund$. 14 Vault Artist Studios Company Llmited by Guaranlee Notes te the Financlal Statements (contlfftfod) Year ended 31 March 2023 AG¢ountlng pollcles (conllnuodj Incomlng fesources AN incoming fesources are included in Ihe slalemenl ol firt8r*ial activilies when entillemenl has passed lo Ihe ch8rity'. it is probable Ihal Ihe ec(Yiomic benefits associated wilh Ihe Iransaction will flow lo Ihe charily and Ihe amounl Can be reliably measuied. The following Specif￿ policies a applled to particular ulegories of income.. income Ifom donalims Of grants ig fe¢ognised when If*r¢ is evldence ol enlillefflenl to ihe gin, ce¢eipl is probable and Its amounl be measured reliably. legacy Income Is (ecognlsed when recelpl Is pmbable and enlilement Is established. income from donated goods is measured at ihe falf value ol the goods unless thls Is impracli¢al lo measure reliably. In wthich case Ihe value Is derived from Ihe cosl lo Ihe donor or Ihe eslSmaled resale value. Donated lacilities and services are cecognised in ihe accounis when r￿e1Ve￿ rf Ihe value can be reliably measured. No amounls ore included 14x Ihe conlrfbution ol general volUn(ee￿. income Irom contracls loi Ihe svppty ¢1 ser4*i¢es is re¢ognlsed with the delivery ol Ihe Ctmlracled ser4ic8. This is classified as unieslricled lunds unless ther• Is a ￿ntraCtual reqU1￿men1 for il lo be spenl on a Part￿lar purpose and ietume4J il unspeni, in which Case il rn8y be regarded as restriclad. Resources expended Expenditure is recognised on an accruals basis as ? liability Is incurred. Expendilure includes any VAT which Cannol be fully ie¢overed, and 15 classified under headings ol Ihe State￿nI ol linancial aclivilles lo which it relates: expendituie on ratsing funds indudes Ihe cosls of all fundraisirvj activilias. evon13. r￿n. charilable Irading aclivil¢es. and Ihe sale ol donaled goods. expenditure on charilable adivities includes all cosls lrtcurred by 8 ch8fily in undertaking acllvities thal further ils charit3ble aims lor Ihe benefil of ils beneficlaries, including those support costs and cost5 felating to govemance of the charity apporticned lo charitable aclivities. other expendilure indvdes all expendilufe thal Is neilher relaled Io faisin9 lunds for lh• charity nor part of ils expendilure on charllable aclivilies. All cosls afe allocaled lo expenditu￿ calegoriés réflecling the use ol the resource. Dirttl costs allribulable lo a single activily are allocatad direcity lo that activily. Shared cosls are apportioned between the activiti85 Ihey c4)ntri1￿18 lo on a reasonable, justifiatjle and consistenl basis. Tangible assels Tangible assets are inillally recorded al cost. and subsequently $18ted al cost less 8fty 8C¢Urnulated deprecialion arK1 Impairment losses. Any iangible assets carrted at revalued amounts are recorded al Ihe lair value al Ihe date ol fevalualion less any subsequent accvmulaled deprecialion and subsequent accumulated impaimienl losses. 15 Vault Artist Studios Company Limited by Guarantee Notes to the Financial Statements ftondnuod) Year ended 31 March 2023 Accounting pollcies f¢onthTnuodJ Tangible assets (conilnued) An increase in Ihe carryiThJ amounl of an as5el as a result ol a revalu8lion. Is recogni5e(I In olher recognised gains and1055es. unless il reverses a ¢hgfge for impairmenl Ih81 h85 pieviou51y been fecognised as expendilure wilhln the stsiemenl of financial 8clivilies. A decrease in Ihe carrying amounl of an assel as a result of revalualion, is recognised in olher recognlsed gains and losses. excew io whlch il offsels any previous revalualion galn. in vthlch case Ihe loss is shown wilhln other fe¢ognised gains arHJ losse5 on Ihe slalemenl of finanoal ael•vilie5. Depr•¢lallon Depreci8ik>n 15 calculaled so as to ￿lIe off the cosi or valuation of an •sset. less its residual value. ovef the uselul econofftic lrfe of Ihal 85Set as follows: Fixtures and fittings Equipment 20% straight line 25% sltaighl line Llmllod by ouaianlo9 The Ilablllty of Ihe members is limlled. Every member of the Chafily promises, if Ihe Charfly is dlssolved whlle he. she or tl Is a member oi wthin ￿e1ve months alter he, she or il ceases to be 8 rnernbef, to coniribul8 such sum (not Qxceeding £1 > as may be demanded of him. her or it towards Ihe paymenl of the debts and liabilities of Ihe Charily incurred before he. she Of It ceases lo be a member. and of Ihe eosls. charges arn expenses ol winding up, and the adjustment of lh8 ryhis ol ihe contri1￿(O[leS among themselves. Donatlons and legacles Unr851rided Funds R8slricied Total Funds Funds 2023 Oonatlons Donations 983 Granls Grants Received 28.719 28.719 983 28.719 29,702 Unreslricled Resiri¢ifjd Total Funds Funds Funds 2022 Donallon$ Donalions Grants Granis Re¢eived 561 561 4.445 4,445 561 4.445 5,006 16 Vault Artist Studios Company Limited by Guarantee Notes to the Financlal Statemenls fcontlnvod) Year ended 31 Mareh 2023 Charotable activitles Unrestricled Total Funds Unrestricled Total Funds Funds 2023 Funds 2022 Mèmbers Rental Incoma Key Culling Inmme Room Hiro Income Markets & Member Events Income Olher Income 54.701 $4.701 43,811 10 17,285 21,923 43,811 10 17,285 21,923 19,619 18.372 1.535 19,619 18,372 1.535 94,227 94.227 83,029 83,029 Othèr Iradlng actlvl¢le$ Unréstricted Totsi Funds Unresirf¢led Toiai Furtd$ Funds 2023 Funds 2022 402 402 8.580 8,580 Shop Sales & Commlsslon 402 402 8,$80 8,580 Expéndlturè &n charliabl• 8ctlvltle8 by lund typ• Unfeslricled Funds Reslricied Total Funds Funds 2023 Artisi Siudlos Pop Up shop Mafkel8 & Member Evenls 79.438 360 14.573 94,371 3,772 83,210 360 42,637 28.064 31,836 126.207 Uncestiicled Fund$ Reslricled Tolal Funds Funds 2022 Arfisl Studlos Pop Up shop MaJ*els & Mernber Events 59,910 7.362 16.788 soo 60,410 7,362 19.899 84.060 3,611 87.671 17 Vault Artist Studios Company Limited by Guarantee Notes to the Flnancial Statements i¢onUnuoO) Year ended 31 March 2023 Expendltur• on charitable acllvities by aclivlty type Aetivilies undertaken Total funds direclly 2023 Total fund 2022 Ariist Studios Pop Up shop Markels & Mernbei Events 83,210 360 42,637 83,210 360 42,637 126.207 60,410 7.362 19,899 126.207 87,671 10. Costs ol other iradlng actlvllles Unfeslilcted Funds Restricted Total Funds Funds 2023 Costs ol other trndin9 acllvllles - Shop Sales & Commission 360 360 Unfeslficled Funds Reslrkled Total Funds Funds 2022 Costs ol other trading acllvitle5 - Shop Sales & Commlssion 7.362 7,362 11. Nol In¢¢m• Nei Income Is stated after chargingl(uediling): 31 Mar 23 31 Mar 22 Depieclaiton of langlblè fixed assels 3,726 9,669 11. Independent examlnatlon fees 31 Mar 23 31 Mar 22 Fees payable lo Ihe independenl examiner Iof: Independenl examinalion of the financial stalemenls I,soo 1,250 12. Trustee reffluneration and expenses Slnead O'Neill Nicholl received a per diem lee lor her ¢onllnued partl¢lpalion in Ihe Blueprini programme as a conlribulion towafds expenses incurred for travel and subsistence, working days and olher study to ensure the succ8ssful completion of Ihe Blueprint programffle which spanned the financial years 21122 and 22123. This small lee ensured Ihal Vault was successlul in reaching the second round of this 5 year programme Io feceive fundlng for 4 years fram Arts and Business. No other truslees ar slaff V￿re in a posllion lo do Ihls w¢rk on b&h8lf ol Vaull. Sinéad O'Neill-Nicholl ieceived 8 Payment for performer fee lo fill a fole Ihat was specific lo her skills and Ihe bioader event and that could not be recruiled for elsewhere. Gemma Mae Halligan ceceived markei perlomier lees in order lo fill a role thal was offered broadly lo members but Ihal we were olherwlse unable lo fill. IR Vault Artist Studios Company Limiled by Guarantee Notes to the Financlal Statements (¢ontlntsoGIJ Year ended 31 March 2023 13. Tanglble fixed assets Flxlures and rittings Equlpmenl Total Cost At 1 April 2022 Additions 28,891 4,928 33,819 At 31 Illar¢h 2023 28.891 4,928 33,819 Depreciatlon At 1 April 2022 Chargè lor the poriod At 31 March 2023 9.889 2.749 2,658 977 12,547 3,726 12,638 3,635 16,273 Carrylng amounl At 31 March 2023 16.253 1.293 17.546 Al 1 Api15 2022 19.002 2,270 21,272 14. D•bto 31 Mar 23 3Mar22 Tfade debtoryJ Piepaymenls and accfued Income Slock Othér debtors 9,271 792 833 141 3,973 727 1,065 11,037 5,785 IS. Credltorn: 8mounts fallln9 duo wlthln on• year 31 Mar 23 31 Mar 22 Accruals Other ciedilor5 6,292 1,043 10,335 3,624 273 3,897 16. Deforred Incomo 31 Mar 23 31 Mar 22 Amounl delerred in pefiod 48,247 1.430 19 Vault Artist Studios Company Limiled by Guarantee Notes to the Financial Slatemenls Icwitlnugdl Year ended 31 March 2023 17. Analysis ol charitable lunds Unrestrict•d lund$ Al 1 April 2022 Al Income Expendilure 31 March 2023 General lunds 23.949 98.562 94.731 27,780 Al 1 Mar¢h 2021 At 31 March 2022 In¢ome Expenditure General funds 25.062 92.170 (93.283) 23,949 Restrlcl•d funds Al 1 April 2022 At Income Expendilufe 31 March 2023 Restrlcled Funds 12,487 28,719 31.836 9.370 At 1 Mar¢h 2021 At 31 March 2022 In¢omo Expendilure Resliicled Funds 15.087 4.445 17,045) 12.487 20