REGJSTERED COMPANY NUMBER: NJ643892 (Northern Jreland) REGISTERED CHARITY NUMBER: 106675 Report of the Trustees and Unaudited Fin#n¢ial Statements for the Year Ended JJ March 2024 for VAULT ARTIST STUDIOS M.B.McCirady & C.0 c.hartered Ae¢oiintanls Suite 2B C.adogan House 322 Li%burn Rodd Belfast Co. Anlrim BT9 6GH VALLT ARTtST STUDIO.S Contents of the Financial Statements FOR'I'HL YLAR EiNDED 31 MARCH 2024 Page Report of the Tru5tee5 Independeni Examiner's Report Statement of FinanciY41 Activities B41on¢e Sheet l? to 13 Noles to the Flnanclal Slatemenls 14 10 20 VALLT ARTtST STUDIO.S {REGISTERED NUMBER: N16431192) Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 SummxrTr of the 'ear 2023124 broughi Ihe biggest challenge our organisaiion has faved since we first occupied ihe site ac Tower Sireel. Having been served notice on the building, we prepared io relocate the sludios in May 2023. After a prolonged effort in 2022123, we successfully secured two new buildiii&F￿-sh81ikIlI Mission and Marlborougyh House-to house over l 00 multidisciplinary artists. L'liough va%tlJ ditfLfLnl in rnaiis ivays, IhL%L' two building% pi'ovidLd thL' 4paL'L' nLLdLd to aLLuinmodalL Our unlirL InunibLr.%hip. Howei'er, the Inove came with a bittersweet realisatioll. Tower Street had become mor¢ than just a building. il was a horne that bonded us together as a community of artists and supporters, rooted in the wider arts sector. Leaving behiiid the space that held our colle¥tive history felt like severing tie5 with sometliiii¢T irrepla¥eable. For Inany of u%. it %ccrncd unimdginublL to no longcr Lall Towci- Strcct OLir homL. It a plaLc fillLd witli joy and mcinories-. Ihc warmth of brownies and coffee in the meinbers, rooin, chance encouiilers in the garden delaying your jouriiey hoine, iinproinptu essions in the car park, and sunlit festivals in East Belfubl. We held on to hope-a lasl-rninute reprieve, a wealthy philanthropist lo save Ihe day. Bul despite our wishes and efforlty, no such hero arrived. And so, on May 5, 2023, with thc incrLdiblL gcncrosity and skill of what inusl bc the bcsl rLmoval coiiipany in tlic world, Foslcrs Removals, we shaped up and shipped out. Despite the heartbreak ot leavin&7 Tower Street, we quickly e%labli.%hed Trur%elve% iii our two new home%-niie in the city centre and one on ihe Shanki11 Road. These spaces now represenl tl)e next chapter in our s¢ory. and ivhi le we continue io Inis5 the heart and soul of Towcr Strcet, wc rcnydin LommittLd to fostering crcativily and eomniunity in our new IoLations. The lead-up to oiir relocation, the move itself, and the seitling-in period have lakeii an enornious toll on our meinbers, staff, and tru.%tees, The lallout was ditficuli. We lo%t vallied member% who%e pruclice% could not Atlord to wdil tor a new building lo be secured. Our staff and Iruslees worked far beyond their capalily lo Imanage unforeseen challenoes and lo firefight on all fronls. Our Inembers adapied as best they Lould, shoel)orniiig their pi'aLlices inio i'ooins ihdl often didii't iiie¢l Iheir needs. Along the way. we saw our orkyai)isalional sliorlcoining>s laid bare.Y¢l. we are still here. We continue to .4UPPOIt nearly l 00 artist%. We .4till believe in the trlln4torindtive power of art. We reniain committed to finding more permanenl hoines, advoLaling for change for all ariists and arts organisalions. and building a stronger. Inore sustainable future. The saddest part ot" this story is that, nearls, 18 months after our reloLalion, our former home ai Tower Street still sits boarded up and enipiy. Luokiii¥ ahead. we hupe ILTr build relationships with buildin¥ owners und or¥anisJtions Iliui vulue Lolleciive etfort, see the bigger picture, and beliei'e in fairness-nol profit-as a measure of siiccess. Our partnei'ship witli Argyle Business Centre lias been a shining example of this ethos. fhey offered us not .just resourLes biit generosity and support far beyond our eKpect&tions, helping secure VDult's pi-esei)ce on Ihe Shallkill for many years to coine. We Lontiiiue lo sellrLh for Inore permunent %PdLe%-¥ludi0s t.or drli%ls, reliearsal SPaLe.s, and plaL'e% to nidke thing% happen. Along the way. we hope lo meet others who 51)¢1re our vision and values. The deinands ot" our relocation rneant our events and activities were less freqLient. Much ot our energy was spent fixing, retixing, sorting, lidyin17 and makiniy our new Spaces teel welcornins,. Even $0, the fact that we manag7ed to hold an). events al all is nothing short ora miracle. Amid this challenging time, we also faced the loss of one of our rn051 ¢berished member5. The beautiful Anne Quail passed away in August 2023. Anne's ivisdom, warniih, and voice of reason were a cornerstone of our community. In moments of panic, she guided us with her experience and rcniinded us to l ive lit.e to tlie fullest. Her words and spirit will forever inspire us. VALLT ARTtST STUDIO.S {REGISTERED NUMBER: N16431192) Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 Over the past year, we welcomed over 5,000 people into our building?5 to attend exhibitions, worksliops, talks. scr¢eningJs, and ail Inarkets. We engaged niore than 300 artists in Ihese events and shared our skills and talents with over 400 parlicipanls who aiiended wurkshop% und fthLilithlLd by our mumbL Th. The 'Members' AssoLialioIi' conlinued to reprebent and serve the needs of our members, cornmunily. Throiighoul this period, the committee was comprised of, Cheyleiie Murphy, Mick McCullasFh, Agh Ashton. Jacob Anderson, Siobhan M¢Kinlev, Rob Hilken, Caihy Scullion, Laura Nelson. and Emily .McDonagh. Each of Ihern worked iirelessly lo make the group Ilie beaiing heart of Vault. L'hLir Ll-torls to urgunisL Community LvL'nts', ho41 niLmbLr%' mLcting% diid soc'idl mLL'Iups, diid iniprovL LoniinuiiiL(Iliun havL grcatly enhanced rneniber engageTnelll. Imaking the comniunily ali iiil¢gral parl of everyone's lives once More. Our rruslees. stat't", freelaiicers, and members have coiitiiiued to collaborate on buildingy orgyaiiisational capacity througvh successful fundraisin2 efforts. Over the year, we secured funding ihrouRh several key grants, includin.4'. > Donnant Accounts Fund (delivered by Ihe National Loltery) > Belfast City Council Organisationul Support Grant > ACNI Sm¢ill Grants Fselfasi Cily C'ouncil Small Gran(s >Addition&lly. wc havL continued lo bcnL'til troin both financial support and capacity-building rL'sourLcs through Ihc Arts dnd Business NT Blueprint Pi'ogramrne. Tliis vitdl fun(ling7 hds allowed us tn gymw our team. In Noveinber 2023, witli %upport troin the Dorniaiil Account% Fund, we recruited Neal Campbell as a full-lime General Manager on a Ihree-yeaT conlracl. Neal. who had served (he organisalion in a freelance capacity as Building Managcr sinec 2UI %. bLLainL our sccond salaricd stdff mctnbcr% joining Jacob AiidLrsoii, who Wds fL'LruitLd thL prcvious year as Studio and Evenls Assistant. Neal's role tociises on nianaginTr all operational aspects ot. the organisation and driving our sirategy and business plan (onvard. Neal and Jacob have been siipponed by Mick Mcciillagh, wbo coiitinues to provide freelance adI￿1n %upporl. We ar¢ proud lo have built suLh a slroiig and dedicated team, fully invested in Vault's SULLess. Wilh this foundation, we have laid the roundwork to secure additional Iii)ancial resources-botli fui)ded and s¢lf-g>¢neraled-lo gyi-ow our staft. and treelance teain iii the next financial year. Funding froill the Belfast City Council OIEanisalional Support Gi'ant has also allowed us lo conipensate fre¢lancers supporling PR and communications, reLognising the importunLe of professional management for this i.'iial function. Previously, we relied heavily on volui)leer eftoris, which was ui)suslaiiiable. Our PR team, coinprisingi Laura Nelion, Leo Boyd, and ,lonaihaii Brei)nan. have worked tirelessly lo promote the work of Vauli and ils members. Funding receii'ed in 202.3-24 supported inany other areas of our work: Capital improveimenls io our buildiiigFs were supported by both the BCC OrbTani5ational Support Grant and ons?oing* tunding froin the A&BNI Blueprini Programme. Our gallery prog.raniine was supported by the BCC Small Grants Prograinine, eLisuring resouKes to fairly compensaie artists, CLiralors, photographers, and technicians to deliver ongoing gallery output in the coining year. The ACNI Small Grants Prograimine funde.d a slreel arl pi'oje.Ll on the walls of our Shankill Mission building. Ir¢2nsforming a dre.ary public Walkway into in.4piriiig %PdLe while Lrealing work opportunities lor artisLs. These aLhievements represent the hard work, collalx)ration, and resilience of everyoiie involved in Vault. As we look ahead, we are ener&Fised to continue supporliiigv our members, growiii¥ our capacity, alld building spaces Ihal celebrate tlie power of art and oiiiiiiuiiily. Despite a successful year of fundraising, whicli helped us abhieve our highest-ever turnover of £177,784 202.3_24 proved lo be a challenging financial year. VALLT ARTtST STUDIO.S {REGISTERED NUMBER: N16431192) Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 The disruption caused by our relocation and the work required to prepare our new buildings had a significant impact on our income. hirc4 rcN'unuL dLLrLu%cd vonsidLrubly, muiiy .%P41LLS wcrc uiiuvuilublL during thi% Irunsitionttl pcriod. Huwuvcr, by thu of the year, we were able lo bring Iwo public reiilal spaces-the dance studio and Eallerylproject space-online. We also implemented a strategic pricing plan to restore room hire income lo pre-mov'e levels. Our core intyoine from Inember%hip fees and studio rentals was also disrupted. Improveinenl Miorks on soine studio spaces and untoru.%LLn tlouding ut L)ur Shunkill Mi%%ion buildin¥ mLanl that %L'vL'ral %paLL's wL'rL' Icmpurarily unuvailublc. A% a rL%ult, wc offLrLd breaks in membership and rental lees to affected arlists, further reducing OUT turnover. Additionally, we experienced an increase in both ongoingr and oiie-oft costs. Energy costs reinaiii a sigrnificaiit overli¢ad, and the tnove from one buildin.q lo Iwo lias driven increases in relaled expenbes, such as cleaninR and planned prevenlalive maintenanc¢. Si¥nifiL'dni onc-off Lapithl Lo%ls for building iniprovcmcnt% al.%U udded lu our finanLiuI prL%%urc%. As a result of these challenges, we closed the financial year with a deficit of £1 *,342. While we had suffiLient reserves to cover this deticit, we have iinplenieiiled a co4t-control plaii for 2024-25 TO rebuild our reserrfes. We are confident Il)al the financial challenges of 209?_24 were exceptional and primaril> due lo ihe exlraottlinary circumstances of rL'IoLating our organisation. Willi our ncw spAccs now opcratioiial and plans in plaLL lo slabilisc and grow OLir incomc slrLams, arc well-positioned to Inove fonvard on a stronger tinancial tooling in Ihe coming year. Trustees With a heavy hearl, Sinead O'Neil l-Nicholl announced in Deceinber 2023, that she would resign trom ihe board al tlie AGM in Nlarch 2024. Havit)g Se￿ed on the board for l and a half years and as Chair for the year ol the relocation. Sinead advised rhe board that her art practice pro¥res4in¥ .4ignifi¢Mntly dnd demanding more time ot. her dnd to remain Chair would no longer be lenuble. Sineud reinains dedicated lo the organisalion. advocating for artists aiid lo securing permanent studios for the meinbers al V AS. Tlie board, siaft aiid Ineinbers of Vault Artist Siudios Ihaijk Sinead sincerely for her carelul, dediialed and equitable appi'oaLh 10 the stewardship ol. th¢ or&ianisation, and her steady haiid duringi a turbulent period. In February ?024 Eoin Mecyinn joined the Board ot. Tru%tees. Eoin 1% a long-4tanding meinber ol, the V￿￿1t Studio coniinunitv and brings a strong range olexperience lo the board. Pui. oses of Ihc charitv Wliy ure we liere'P To create a place where ari and people can tlirive. Our manifesto We are a collective ot. individuals. Each d1fte￿nI but held togF¢iher by the need to create - lo niake soinethiiibt come alive and to shape We revive the overlooked, the undervalued, the empty SPdLe. This building is wliere we work bul we clioose lo make it a place for us 10 play - where w'e can express ourselves and invest in eacli other. We Inake it a sti-ongyroom for our ideas. our developfftent, oui- collective voic¢. This is Vaiili. Be here. Speak up. Love thi% plllLe. VALLT ARTtST STUDIO.S {REGISTERED NUMBER: N16431192) Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES Objectives and aims I l ) Pn)Inolu ¢1rt4 und Lrcativity to thL gcnLrul public in ihc CJrLutcr BLlf#lit urLa its unvirons (thL "arca ot-buncfit") by.. (a) establishing and rnainlaiIiing one or more Arts Centres ihat will provide affordable studio, 0￿]ce and work space for artists and cral'tspeople on terms appropriate lo their Ineans. enabling direct ensFagFement with other artists, craflspeople and the public in a studio or workspace setting,. Ib) promoting, urgunising and dL'livL'rin¥ cvcnt% wliiLh improvL publiL JLLL%% to, £tnd DllrtiLipalion in, art.% und Ll-aft%; (c) orgallising workshops aiid 5eminar5 and enabling the use of facilities by coinmunily group5 and organisatioiis; (d) encoLiraging iiilerest in, raising awareness of aiid fostering the development ol" crealivelexperimenlal projeuts- (e) encoura¢viiigF and t"ostering a vie￿, of the arts as a medium ot int"onnatioii, expression aiid advanc¢m¢nt. 12) Proinulc LOIT)munity dcvcloprncnl thnd thL rL¥cnci-ation of loLal by oL'L'upying furincrly Lmpty premi5eslbuildings and, where appropriate, preserving, maintaining and improving such facilities. What do we do and how do we do Iti> >WLSa ISUSL ui Ings lord&blc spaLC for pcoplc lo niakc art and support crLalivily. > We foster engagenieni ainongsl our ii)embers to develop new ways ot. working and strengthen our impEbCt as a collective. > W¢ proN'ide an alternative independent platfoi'm lor ¢halleiiging and ¢elebraiit)g Ihe arts. What makes us diffLrent. >Our ii)Lll1 crs Lovcr rodd ran¥L of dnd ercatii'c disLiplincs. >Our independence allows us lo organise aroiind their individual needs and invest in each other. > Our collectii'e altitude gives us the energy to affeci the change thai mallers lo us. BenefiL'iiiries ui. LiILlILiaries foll under thre¢ disliiiil Lalegories.. our members, to whom we provide affordable workspaceb aiid buppon; other arts prot'e5sionals and cominunity gyroups who rent spaces on an adhoc basis. and the gyeiieral publ ic who attend our exhibitioni and evenTS. Members We provide affordable workspaces 10 our I I l artist nieinbers. Our membership includes artists froni across a wide range of creative disciplines aiid practices al all staiies of their careers. Our mernbers include those tha¢ work as: > Vibu&I unisls (inLluding painiers, SLiilptorb. performanLe arli%1s, %uund unisis, ph0t0grdplie￿, prinimaker%, Lr¢ifi maker%, Luraiors, slreei artists, t¢xiile artisls, illuslralors) > Filn)Inakers (including directors, producers, writer>, anirnators, motion graphic designers, actors) > Comniunily artis15 and tacililalars >Thealre makers (including aciors, writers, diieclors, producers) > Other perfurinin¥ arti%t% (inL.luding LirLUS, .4treel pertormer%, ddllLer%, Lhoreugraphers) > Writers (incliiding literature, grapliir novelslcomic artists) > Musicians (inclLiding songwriters, singers, traditional inLisicians, bands, composers) Room rent4ils We provi ' ort term rentul opportuiiities to arts protes5ionals, Lumniunity groups aiid individudl%. use.s ot rented %paLeb illLlude-. > Classes (dancing, healih aiid wellbeing ()Toga, pilale5} > Rehearsals (theatre, dance) > Youth gyroups Parliiei'sliips wirli oiliei. IoLal ai'ls ol'g￿lIs&ll0AI5 suLIL as Eabl Side ai'tb, Belfast BuilLliiigs Ti'usl as veA)ues VALLT ARTtST STUDIO.S {REGISTERED NUMBER: N16431192) Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES Significant activities Exhibition Prr) ramme Our gallery exhibition programme look an extended break due to our relocation lo neiv buildings and while we held some supportive tundraisingy event￿ tor Palestine in our Marlborougyh House bFallery, it wasn't until October 2023 that our exhibition prog7ramme really started lo warn) lip. 'Iis All Your Vault, saw the gallery launch ai Marlborough house, following a matninoih effoi'l and a periDd of susluinLd labour by thL valuud mc'inbLr% who torill our voluntc'Lr gullLry .%ub-LommittLL.' Laurij NLI.%on,' Catliy SLulliuii,' S'ally O'Dowd- .Tonathan Brennaii; Leo Boyd,. Rob Hilken,. Linda McBumey,' Ruili Croihers,. Raquel Anial- Cathy Harl- Marta Dyczkoivska. Mary Jordan; Margaret Woods Moore., Aaron Magowan. Next. Myas our Rroiip exhibition 'Diamond' which launclied in December 2023 and was a collection of works for sale in lime for C.hri%tina%. Spring wclLomed 'MoihLr' un Lxliibilion ot LtrtworL% Lelebruling moihcr% for Inlcrnatiundl WomLn's Duy . ?0?4, ulungsidc a programme of complimenlary workshops &nd live events. These evenis happened with no budget, but as Tnenlioiied above we will begin the new financial year with support for an ongoing gullery programme. C#rli%le Menii)ri#l Church In Deceinber ?021, oui, annLial Vault Christmas Market returned to a new off-site localion in Carlisle Memorial Church. We are iiidebted to Belfdsl Buildingv% Trus1 who 4upported us by providiiigp this veiiue dlld lielping? us lo bringF our reiiowiied markei lo North Belfast. In addition lo our Marlboiough House gallery programme. we began a collaborative relationship with Belta5t Buildings Trust who kindly invited us ro progi'ainme it)slallations in their Carlisle Memorial Church venue. Leo Boyd was the first artist selected by an e%leemed panel ot judge% to lake pdrt in thi% opportunity and in February 2024 'The BelfdSt That Time Forgot in 3D' opened lo tlie public lo great acclaini. Room bookin s continue Our new locJlion% at Shankill Mi¥%ion and Marlborough Hou%e liave le%4 opportunity for 114 to provide rentmble %pJce4 bLIt in February 20?4, we finally opened the Dance Studio in Shankill and Gallery I Projeci Space al Marlborougl) for public bookings. Our 2023 rates are desigyned to meet the needs ot those on low incoine ond are as tollows.. Hourly Half day Full dAy Week (3 Week 17 day5) Standard Rltes Dance studio I Gallery and projeci space col￿nI￿1)ItY I Conce55ionary Rates Dance Stiidio Gallery SpuLe and Project Space £.30 £120 £195 £780 £1,170 £10 £40 £65 £260 L.190 £10 £40 £65 £260 £390 VALLT ARTtST STUDIO.S {REGISTERED NUMBER: N16431192) Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES After a review of usage and cosls Ihese rales were updated in Sept 2024 10 ihe following,. Hourly Half Day Full day Week (S daJ%) Week (7 days) Standard rates Dance studio I Gallery and pr()jLL'I %DaLL ComTnunit}' I ConLessionary Rates Dance Studio Gallery Space and projLL'I space £120 L780 Ll,17U £15 £55 £100 £400 £600 £25 £90 £170 £680 £1,000 Events 2023124 d drdmatic Lhdngc lo our usual fun fillcd L&lendar a% WL began thc financial yLar prLparing to Icavc our TowLr SirLLI studios. In April 2023, we held our 'Everyihinbi Must fjo, relocation tsale in an effort lo have a &Food clear out before the bigy niove and with heavy hearts in May 2013, ably assisted by Foslers Removals, our amazing community of artists moved lo two separate hoines. These two n¢w hvmc% didn't iniincdiiilcly Icnd thcm%clvLN lo11ostiiig cvcnt% in thc Wdy wc h(Id bLin (IblL til ai Tow¢r Sticcl. Shankill Mibsion, while full of characier and Lharin had all Iht issueb that aLcoinpany a l UO year old building and a considei'able iount of time dnd re%i)uTce% were required lo create d hdbil Ensure we represent a diverse rangFe of'artforms > Ensure we maintain a %ood Render balance > Entsure our mLmbLr.4 liavL dn aLtive urti%liL prdLIiLL > Ensure members deimonslrale a need for low cost workspaces > Priority is given to members that are based in Belfast People that make use of our room rei)lals musl ensure they l)ave adequate public liability insurance. ThLrc arc no rcslrictions on thosL that can bLncfit as audicnLcs and partlLipants al cvcnts. In the pasl year, several ot. our unpaid T￿￿tee5 have received a small financial benefit frorn working at events on behalt of VAS. This wab undertaken with the express approval of the Board members and only in very exeeplional circumslanees e.g. when no other suildbly qualitie(I meinbei- Wd% dvdilable or tliat the Trublee pertornied a duly that iio oihei- Inember wi%hed to undertdke bur wd5 significant lo V AS repuialion within the local cominunily. Harm There is no hami arising from any of our purposes. Private Benefit Ti'usiees Ilial exliibiled Iheir work in the gollery did so as mernbers where all men)bers were permitted 10 do so under the guidance of a non-trusiee curator. Trustees ai'ailed ot. studio space but thi5 is iiecessary as studio m¢inbers inusl be represeiited on the Board of Trusiees and is iiicidental as Trusiees applied for and were assigned siiidio space in the san)e way as all oiher beneficiaries. We have not undertdken llny maintenance or upgrades to buildings tlidt were not ets%entixl lor u4 lo carry out tor nornidl operation and so the onlv pi'ivale benefit lo Ilie building owners was incidental. Stalenicnt of compliance In selling our objectives and planning our aclivilies for the year the Iruslees have given careful consideration 10 the Charity comini88iuii fur Nvilhern Ireland's ¥uld￿lLe on pllbliL benefit iu ensure thut the aLtivitie,4 have helped lo aL'liieve the LhJrity's pU￿OSeS and provide a benefit to tlie beneficiaries. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng doeument Tlie uhijrily 1% Lunlrolled by itN govgrning duLuinent, u deed of trust, and Lonstilutes a limited Lonipany, limited b). guaruiilee, a. defined by tlie Companies Act 2006. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Company number N16431192 (Northern Ireland Registered Ch&rit.v number IOC)675 VALLT ARTtST STUDIO.S {REGISTERED NUMBER: N16431192) Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 Registered oifice Sl)ankill Missioii Building 116 Shankill Roud Belfast C'.0. Antrim BT13 2BD rustees Ms L McBurney Ms S C O'Neill-Nicholl (resigned 221312024} Ms K Cainpbell M W Dilchfield M M Pulton E McGinn (appointed 281212024) Ms E Shllrpe (appointed 181412024) Company Secretar). Ms K CanipbLII Independent Examlner Sean)u% McLernon M.B.McGrady & Co C".hariercd ALLountJnls Suile 2B Cadogan Hoiise 322 Lièibum Road Belfast Q.0. Aiitrim BT9 6GH Approved by order of tlie board ol, tru%tee% on 23 December 2024 dnd Signed on it% behlllf'by: Ms L McBurney - Tn￿1¢¢ Independent Examiner's Report to the Trustees of Vault Artist Studi05 I report on the accounts of the company for the year ended 31 March 2024. which are set out on pages eleven lo Iwenly. Re5peclive rcspon5ibilities of rh4rity trustees examiner As the charity's Irusleeb (and also Ihe directors for Ilie purposes of conipany law) you are respoiisible for Ilie preparation of Ilie ccounts iii aLLoTdthncc with thL ruquirumcnls of thL CoiMp Tolal 96,115 98,562 96,115 127281 EXPENDITURE ON Raisiiig tunds 63,518 63,518 Charitable acllvllles General Total 31,836 63,049 126 5()7 LYET IIYCOMEI(EXPEIYDITURE) 3,831 (3,117} 714 RECONCILIATION OF FUNDS Total funds broubFht forn'ard 23,949 12.4t47 36,43() TOTAL FUNDS CARRIED FORWARD continued..- VALLT ARTtST STUDIO.S Notes to the Financial Siatements - eontinued FOR I'HL YLAR EiNDED 31 MARCH 2024 TANGIBLE FtXED ASSETS Fixtures nd rittings Computer equipment Totals COST Ai l April 2023 Additions At 31 MarLh 2024 DEPRECIATION Ai l April 2023 Charge for year Ai 31 March 2024 IYET BOOK VALUE Al 31 March 2024 Ai 31 March 2U23 28,891 99 4,9211 697 33,819 796 34.615 12.6311 5.761 3,635 948 16,273 STOCIL 3113124 3113123 Stocks S33 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3113124 3113123 Trade debtors Other debtors Prepdyineiil% und accrued iiicome 5,465 208 141 79? continued..- VALLT ARTtST STUDIO.S Notes to the Financial Siatements - eontinued FOR I'HL YLAR EiNDED 31 MARCH 2024 ii. CREDITORS: AMOUIYTS FALLING DUE WITHIN ONE YEAR 3113124 3113123 Social securily and other laxeb Other crediiors ALcruals and del"e￿d income Accrued expenses 420 1.198 25,675 295 ()59 54,539 88 12. MOVEMENT IN FUNDS Net movement in funds At 3113124 At 114123 Unrestrlcted funds General fund 27,780 (11,631) 16,149 Restrlcted funds Reslrieted funds 9,37 {711) 8,659 TOTAL FUNDS 12 .142) Net movement in funds, included in the aboie are as follows.. Incoming resoiirces Resources expended Movemen¢ In fiinds Unrestricted funds Cjeneriil I'iind 92,94l (104,572) (11,631) Reslri¢led fuiids RLslri¥lLd funds 84,843 {85,i54) (711) TOTAL FUNDS 177 784 190 126) continued..- VALLT ARTtST STUDIO.S Notes to the Financial Siatements - eontinued FOR I'HL YLAR EiNDED 31 MARCH 2024 12. MOVEMENT IN FUNDS - continued Compar*tive& for movement in fund$ Net ovement In funds At 3113123 At 114122 Unrestricted funds General fund 23,949 27,780 Restrleted funds Rc%lriLted funds 12.487 {3,117) 9,370 TOTAL FUNDS 714 ComparativL nLt niovLmLnt in funds, inLludcd in thc abovc are Éi& follows: Ineomlng resour¢¢s Resouree% ¢xpended Movement in funds Unrestricted funds General tuiid 98,562 (94,731) 3,831 R¥striLted funds Reslricled funds 28.719 131,836) 13.117) TOTAL FUNDS 127 281 126 567) 714 A current year 12 Inonths and prior year 12 Inontlis coinbined posilion is as follows.. Net movement In funds At 3113124 At 114122 Unrestricted funds General tund 23,949 (7,800) 16,149 Restriited funds Ris11'i¢lLd funds 12.487 (3,828) 8,659 TOTAL FUNDS 11628) continued..- VALLT ARTtST STUDIO.S Notes to the Financial Siatements - eontinued FOR I'HL YLAR EiNDED 31 MARCH 2024 12. MOVEMENT IN FUNDS - continued A LurtLnt yuar 12 month% and prior yLur I nionths LvmbinLd nct moN'LIIILnt in fundb, inLludLd in thu ubuvL urc us followb: Incoming resources ResDiirces expended Movemenl in funds Unrestricted funds Geiieral fulld 191.503 (199,303) {7.800) Restricted funds Reslribled lunds 113.562 (117.390) {3,828) TOTAL FUNDS 305 065 316 61)3) 11628) 13. RELATED PARTY DISCLOSURES Tliere were no related party traiisaclions for the year elided 31 March 2024. 20 This document was delivered using electronic communications and authenticated in accordance with thc registrar's rulcs relating to elcctronic form, authentication and manner of delivery under section 1072 of the Companies Act 2006.