REGISTERED COMPANY NUMBER: N1643892 (Norihern Ir¢lAmd REGISTERED CHARITY NUMBER.. 106675 Reporl of the Truilees And un4ud11 Flninelil St#l¥m¥nls for the Year Ended 3] March 2024 for VAULT ARTIST STUDIOS M.B.McGrady & Co Chartered Accounlnnts Suite 2B Cado£An H4)use 3?2 Lisbum Rvud Belfast Co. Antrim BT9 6GH
VALLT ARTIST STUDIOS Conlents of Ihe Flllalldal Sla¢ements FOR THE YEAR ENDEI) 31 MARCH 21124 Page Rep•rt ofihe Trustees Independent ExAmlner's Reporl 10 SIAtemeTht ofFlnancl•l Actmtles BAlnee Sheet l? to 13 Nolu lo thp FIngl91 S¢a¢emnls 14 to 20
VALLT ARTIST STUDIOS (REGISTERED NUMBER: N1643892 Repon of the Trustees FOR THE VEAR ENDED 31 MARCH 2024 Summa ofthe e•r 2023Q4 brouEht ihe biggest challen8e our organisaiion has faced since wc first ¢upIed the SI ai Tower Sireei. Having b¢en ser4ed noiice on Ihe buildin8, we PrePad io relo¢Ale the studios in May 2023. After o prolonged elTort in 2022123, we succe&8fuUy secured two new buildinB5-ShJnkill Mission wid Marfboroush House40 house over Ino multidisciplinary nrti5ts. I'huL¥h v&s11> diffLrcnl in m4n)' wllys. thC Iwo b]ldIn& providL'd thc .4pocc Lcd to llccommo(lulc uur Lnlirc mLmbcrship. However, the move come wilh 4 bittetsweet rcalimtion. Tower SITeei had become more Ihan jtsst a bui Idingl it was 8 home ihal bonded us toseiher Ds u community of Qnists and supponets. roold in the wider Arts 5eclor. Leavin8 behind the space thot held our collxtive history felt like sev¢rin¥ ties wilh something irreplacellble, For Inany of il sccmed unimu¥inublc to no lony¢r cull Tower Strcet our hunK'. It a placc fillcd witlL joy und mcinories.. Iho warniih of brnwnies and coffee in the members, nK>m, chance encounters in the gardert delaying your journey horne, impromptu sessions in Ihe cor parL ond sunlii festivals tn E4sl B¢lfasl. We held on lo hop¢-a lasi-rninule rcprieye. a wealihy philonihropim Io save Ihe doy. Bui despile our wishes and etyorts, no such hem arrived. And so, on Miy 5. 2U23, with th¢ incrcdiblo Bcncmsity And skill of whai musi bc Ihc best removal company in the world, Fosicrs Removal% we Jhad up and shipped out. De8Pite the htJrtbTk of IEaviTru Tower StreeL we quickly ul#blished our4elves in our two new homes-one in the city centre and one on the Shanklll Road. These spoces mow represenl Ihe nexi chapter in our siory. and whil¢ we coniinue io miss ¢h¢ heart and soul ol Tower SuccL w¢ ffmaln committed to foslcring crcaiivily and communiiy in our ncw locailons. Th¢ leod-lip lo our rel¢xation, the move ilself, and the 5ettlin8-in period have t&ken an enornKtUS toll on our m¢mbers, slaf( and tnL%tee8. The fallout was diifi¢ull. We lost vTrlued member5 whose prnetic Could not atyord io wail for a new buildiny lo be %cLwred Our staff and trustees worked far beyond Ihcir cop8city lo manage unforeseen ¢hall¢nges and lo firefighi on all fvonis. Our mernbNs adwed a5 beg1 Ihey Lould. 5hochorning their PrnClic¢s Inlo rnoms thAi onen dldn't meet their needs. AloThs the way, we saw our 0ry4nisaiion•l shortcomin IDid bu.y¢l, we are still here. W¢ continue lo support ne¥rly 100 ¥rti%ty. We $till believe In the trun¥fOrnlt1v2 power ofort. We remain committed to findiny morE pern)onenl hom¢s, advoc41in8 for¢han8e for all anists and Art5 orBanisa¢ions. and building a slmnser. more sustainable fvtur The saddest pffi of thls story is IbDt, nearly 18 months &ller our relocation. our former borne oi Tower Street still sil$ boorded up olld empty. Lookln¥ uhea<l, we hupe lu bulld relailon$hlps wlih bulldlng owners and orn1¥110nS that vlue colleLtlve effort, see ihe blg¥er ptclw< And believe in fairne55-not profit-as a rneosure of siiccess. Our partnership wilh Argyle Business Cenire lias been 4 sknnin8 exllmple of this elhos. They offered us not just resources but 8en¢rosily Bnd support far beyond our expectations. helpin8 CUre VHuli'5 presence on ihe Shankill for many y¢or5 to come. We Lonlinu¢ lu xearLh fur mure pernnnI 4pace$-5rudi0s for llrtisl¥, reheMrNul und pluL'ts' lu muke things hyppen. Along the way* we hope lo m¢¢1 oihers who share our vision and valu¢s. The demands of our rekaliOn me8nt our evcnts and activities were les& frequenL Much of our energy wa8 spenl fixing, ref18, 50rtin&, iidyinry rnd(ing our new spaces leel welcoming. Even so, the foct that we nwnnBed lo hold an). evenls w all is nlxhin shortofa miracle. Amid thi5 challenging lime, w¢ alsu fllced the1055 of one ofour mosl clKrishcd rnembe The bcauiiful Anne Quail passed awpy in August 2023. Anne's ivisdom. warnith, and voice of reAson wcre a cornerslone of our community. In rnoments of ponio she guided wilh her Experience and reminded u5 10 liv¢ lif¢ lo t1 fijllest. Her words and spirit will foT¢v¢r inspire u5.
VALLT ARTIST STUD1051REGISTERED NUMBER: N16438921 Report of theTruste¢5 FOR THE YEAR ENDED 31 MARCH 2024 Over the past year, we welcom¢d over 5.000 people into our building5 lo ull¢nd exhibition5. workshops, talks. screenings. and art murkels. We engaged more Ihnn 300 artists in thcse cven(s and shared our skills and lalenls with ovcr 400 participunis who aiiended works'hops and ¢lu¥%¥$ fuL'ilitulLd by our mLmbL'Th. The 'Members' A5SOCiQtion' ¢onlinued to represent and serv2 the nceds of our members, communily. Throughout this period, Ihe committ<¢ WAS comprised of Cheylerte Mufphy. Mirk MECullaxh. A*h Ashion. Jacob Anderson, Siobhan McKinky. Rob Hilken. Cathy Scullton. Laurn Ne150n. aThl Emily .MeDi>nagh. Each of them worked lirele531y lo make Ihe group tlie beating heart of Vaull. 'I'hcir cffort% lu or¥unise community cvcnL¥, host mcmbcrs, rneetin&s und 4otilll mL'Llup.s, und i•Ve LommuniLaliun huvL ¥rratly enhanced mgrnb¢r ¢ngagemenl. making the community an inl¢gral part of ¢v¢ryone's lives onee more. Our Iruslees. ststr, fr¢el4ncer5, pnd members hyve continued lo collllborale on buildinB oryJnisAtional capacity thiough successful fundraisinR elTorts. Over the year, we sccurcd funding ihrouRh severnl key Rrants, includin%:
Dorniani AccouThtg Fund (delivered by ihe Nalional Loiiery) Beifost City Council Or8anlsationol Support Grnnt ACNI Small GrantS' .¥ B¢lfasl City Council Srnall Grants AdditionAlly. wc havc conlinucd lo bcncfii from both fin•nclal support and capaeily-buildln8 resources through Ihe Arls and Busine55 NT Blueprinl Prosfdmme. This vitdl fundinB lllowed us lo grow our team. In November 2023, wilh support from the Dornianl AccounL$ Fund. we recruited Neal Campbell hs a fvll-llme Genernl Manjger on a 1hree.year eoniract. Neal, who had served ihe organisaiion in a freelance capacily as Building Manager sioec 20111, beL'amc our sccond saloried 5thff member. joining Jocob Andcrson, who was rc¢ruilLd the previous yeaT a5 sdi0 and Events A5sisthnl. Neal's role focuses on managing all opernlional aspE¢lS of ihe organisation and drivinB uur strate8y and business pkni fonvttd. Neal and Jacob have b¢¢n sUPPOrted by Miek MCC31a$h, wbo coniinues lo provide freelance athnin support. Wt are proud lo hnve buill 5u¢h 4 Strong And dedlelllcd ieam, fully invested in Vault's success. With Ihis foundotion, we have laid Ihe oundwork io securE Addiiionul financial r¢sourc¢1X)ih funded and klf-&ienera¢¢d-io grow our sthif Jnd fr¢¢l&nce team in Ihe nexl financial y¢ar, Fundin8 from Ihe Beif&st City Council Organisalional Support GrJni has algo allowed us to compensate freelancers supporling Pli and Communicotions, reLo8nisinB the ImpnCe of professional management for this vital function. Previously, we relied heavily on volunleer effort5, which was unsusloinable. Our PR iejm, comprising L8urn Ne150n. L¢0 Boy(L and Jonathan Brennan. hov¢ worked tirelessly io promolc the work of Vauli llDd its mernbera. Fundin8 received in 2023-24 5UPPOrted mony other Areas ofollr work: Capi improvemenls 10 our building& wer¢ supponed by both lh¢ BCC organi110nl Support Grnnt and ornBoing funding from the A&BNL Blueprint Pro8ramme. Our gallery programme wos supported by the BCC Small Programme, ensuring resou¢$ fairly compensale anists, curalurs, photograer. And lechrticians to deliver ongoing sallery oulpul in ihe coming yeor. The ACNI Small Grants Pr08rnirne funded a s(reel art project on the wa115 of our ShJDkill Mission buildln& lrnrAsfom)in8 B (treary public WlkwUY inlu lln in¥pirin¥ %pace while LreplI wurk oprtUni11¢S fur urt15L%. These aLhievements represent the hard work, collabornlion. atjd resiliencc ofevcryoiie involved in Vault. A5 we look ahcad, we are ¢neTlised to continue supportin¥ our members, Llrowingv 0r ¢ap4¢ily, and buildinLT spaces Ihai ¢¢lebTule the power of art and Despite a successfvl y¢ar of fundraising, which helped us achieve our highesl-ever tyrnover of £177,784 2023-24 proved to b¢ a ¢hallen8in¥ financial year.
VALLT ARTIST STUDIOS {REGisfERED NUMBER: N164389Z Report of tkeTru5tees FOR THE YEAR ENDED 31 MARCH 2024 The disrnpiion caused ty our relocation and the work required 10 prepLre our new buildittgs hAd A signifieant impact on our income. Room hirL'S revLnuo dEero05Ld LonsidL'rably. finY Jpucc¥ WCTC unavailublc durin¥ thi8 I41¢10n81 pcriod. HuwLYcr, by thL' cnd of the year, we were abk to bring Thyo public rental spaces.the dance St10 ond Eallerylprojeci space•online. We also implemcnted strale8ic pricin8 plan 10 restore hire income lo pre-move levels. Our core income from membership fees ond siudio rentals wa5 also disrupk& Improvemeni works on som¢ 51udio spa¢e5 and unforLTgLw llvudin¥ ul uur Shunkill Mi&%iun buil(lin¥ mcJnl thal scvcThl ¥pucc¥ wcrc IcmwThnly unuvailublc. As a rcsult, WC L)ffcrL'd break5 in membership and renthl fees lo affecied artists. further reducing our iurnover. Addilionally. we experienced increase in boih on¥oin¥ and one-off cosls. Energy cos(s remain a 5iunifKanl ov¢rheBd, und Ihe mov¢ from one buildinR lo Iwo has driven increases in relaled expenses, such as cleaning and planned prevenialive mainlenance. Significant onc-uff CJPITLI costs for b1]dIng improvements lllso addcd to our fiti#l preK%urcs. As a resuli of these chollenges. we closed Ihe finAn¢iol yeAr with o deficit of £12,342. While we sU1¢icnI reserves lo cover Ihis dgfiri¢, w¢ h¥v¢ impl¢mEnlcd a Cryat-gontrol plan for 2024-25 10 rEbuild our ServeS. We are confident that the finmneial ehallen8es of 20?.3-24 were exceplional And primarily due lo the exlrnonlinary ClTcumstanc of rclocRtiog uur orgtsnisotion. With our new spaccs now OPCTg1ional 4nd plans in plA¢C 10 51&bilise and grow our incomc slrLms, wc atc wellositioned to move forward on a stronger financial fooling in the coming ye•r. Truglttj Wilh a heavy hearl, Sinéad OTrleill-Nicholl announcgd in December 2023. Éh4t She would resign frorn Ihe b04rd al the AGM in ltrIah 2024. Having serrfed on Ihe board for 3 and a half yearn And as Chair for the year of the relocation, Sinéad advised the board that her art pRliCe w&4 pro8n¥sing si¥nifKllntly wid demllnding more time of her Mnd to Chair would no longer be lenable. Sinéad remoiDS d¢dicat¢d lo lh¢ organi50tion, advocatin8 for artisls and lo securing pern)anenl sludlos for Ihe members ai VAS. The board, sthff and members of VAulI Artist Studios thank Slnéod slnettely for htt careful. dediLaied ond equit&ble opproach to the stewArdshlp ofihe OTgani58¢ion, and h¢r St¢Y hand durinll a turbulent p¢riod. In FebNvy 2024 Eoin McGlnn joined th¢ Boofd of TrUge%. Eoin 1% A lonB-stsndin¥ member ofihe Vuult siudio cgmmuniry brings a lirong rnnge ofexperience the board. Jes of the ch•rl Why &re we here'l To creale a place wlLere art and people can ihrive. Our manil¢slo We ar¢ a collerlive of Individunls. Fa¢h ditT¢r¢nt but held together by th¢ ne¢d to cr¢a¢o- to mok'e something come alli'¢ and to shape We TEvive ihe overlooked. the unJerYalueQ the empty hpace. This building Is where we work but we choose 10 make li a place for us 10 play . where w'e can expSS outselves and invcsi in each other. We moke it o strongroom for our ideas. our developmenl, our ¢olleetiv¢ volc¢. This is Vauli. Be h¥re. SpEAk up. Lov¥ thi% plaie.
VAILT ARTi¥f STUDJOS IREGI.STERED NUMBER: N16431192) Report oftht Trusttts FOR THE YEAR ENDED 31 MARCH 21J24 OBJECTIVES AND AcT[vEs Objtttlves and Alms (l ) Pmmutc urt.4 llnd crrntivity w thL Bencnd public in lh¢ GrL*lcr BLlf&¥t it4 Lnviruns (thL' "Iifcll ofbenefii") by.. (a) es&blishin8 and mAinlainin8 one or more Ans Centres that will Provide affordable sttsdio, office and work spacc for artists and raft5p¢opl¢ on ternis apprvpriate lo iheir m¢4n& enknling dire¢l en82B¢meni with other artists. crnftspeople and the public in a 5ftMIio or workspace selling; Ib) promotiny, ur8nis1n und dLlivcrinJs CVLni% which impr¢)vL' public UCLCKS to. nd DEiCIPalI0n in. lllls And LNfi4; (c) organising workshops and 5eminar5 and enabling the usc of facililies by COTnThunity group5 and organi$4ts"ons' (d) encournging iiilerest in. raisin8 aworeness of and fosierin8 the developrnent of creDli%'elexperimentLI projects; (e) en¢ourauing and roslerin w view of the art5 as a medium ofinformalion, expression and advuncernenl. 12) Prumolc cuinrnunity dcvcluprncnl w]d thc rcbycneratiun of Jocal by OEcupyinu fuTmcrly Cmpty prerniseslbuildings and, Whe Appropriaie. presetving. mAinlainin8 and improving such facilities. What do we do and how do w• do It? esa VA8e Isusc Ings as a ordoblc 5pacc for pcoplc lo makc art and support crcalivity.
We fosler engagenieni among51 our member5 lo develop neiv woys ot'workin8 and 5treTh8ihen our imphct as o colleclive. We provide ott AliernAtive independent plfjifomi for ehillenging and celebrntin8 the orts. Whal mokeg u5 dirrerent rmcm rs covcr road ran8c of #rt and crcatii'e disL'iplitics, Our independenc¢ allows us lo orgini¥¢ aund Iheir individual n¢¢ds and Invesi in eh other. Oureollective Altt'tude gives u$ the ener8y lo affeci the change (hat mail5 to u5. Beoefiellrlei rwneticiwi¢s fDII under Ihre¢ di$linL% cale8ories: our mernbry lo whom we provide offordable workspaces and support: other ur rts profe551018 eommuniiy grDups who rent $paccs on An adhoc basis, aNI the ueneTal public who aiiend our ¢xhibitlOD5 and evenis. Members e provide affordable workspaces io our I I l artist member& Our memlxrghip inclu¢Jes artists from ocross a wide rnnge of creative discipli% 8nd practices al All stsge5 of iheir ¢4reers. Our rnernbers include those th81 work os.. Visual artists (Includln8 painiena. liculptorè. perfonnince arti41s, liound dnlsts, phoiogr8pher8. prinimukerK Lraft m¥kers, curniors, Slreei artists, lextile ani5ts, illu5trdlorJ) Filmmakera (includin8 directors, producus, writer4 llnimalurs. motion ¥rophic designers, aciors) Clwnmunily artists and fa¢ilitalors Theatre makers (including hciors, wriiets. directors. producers) Other perfunnin¥ arti&L4 {inelu¢Jing L'itcu& hlregl PErfumier&. danLeTh, ¢horovBiipher¥) Wriiers (including lilernlurq gfdphic novelslcornic artists) Musicions {includin8 SOll8wriiers, sin8ers, traditional rnusicians, bands. composers) Room rentaly lrnrt lerni rgnthl opportuniliv¥ to urts prufe$sionoL%. Lvmmunily grou5 und individullls. U%e¥ of rented tipllces inLlude". e pruvi Classes (dancing, healih and wellbeing (yoga, pilales) Rehearsals (Ihcalrc, dance) Youth groups Purti1¢Illp5 widi odi¢r113¥al w'15 Vf8oni541i011s sucli as Ea>¢ Side nits, Beifu51 Buildi1185 Trust Bs vmiu¢5
VALLT ARTIST STUDIOS {REGigrERED NUMBER: N1643X921 Report of the Trustee$ FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES Slgnificant aLlvi¢les Exhlbltlon Pn> Our 8allery exhibition wJ8ramme took an extended breok due to our relocation io new buildin8s And while we held some supportive ndraising ev¢nls for Pal¢stiTh¢ IJE our Mawlborough House g811¢ry, il until O¢tob¢r 2023 thal our uhibitiQTJ progT&mrn¢ ically smrted 10 wann up. 'lts All Your Vouli. the 8allery lauftch 81 M&dborough house. followin8 a mammoih elTort and a penod of suslainL Imbour by thc vuluLd mcmbcts who fvnn Dur voluntccr IL11Lry sub-L'ommittLf: Lauru NLL40n: Luthy SLullion- Sally O'Dowd: Jonoihan Brennan. Leo Boyd: Rob Hilken; Linda McBurw; Ruth Crothers; Raquel Amal; Caihy Hort; Mana Dyezkowska; Mari Jordon; fvtargoiei Woods Moore; Aamn M8gowaL Ncxi. wa5 our %roup exhibiiion 'Diarnond which launched in Dccembcr 2023 and was a collection of work5 for sale in time for Christsn, Sprinu wclcomed 'MothLT' lln cxhibilion of urtworlJ cclcbralinbi muthcrs for Inlcrnutiunul WomL'n'S Day 20?4, alungsidc progrnmme o( Complimenury workslK+PS and live evenis. These events happened with no budget, bui as rneniioned above we wil begin Ihe new finala1 y¢ar with support for an ongoing gullery programme. Clrllsle MemorlAI Church In December 2023, our annuDI Vault Christmas Morkel reiurned Io ll Dew off-si 10¢iDn in Carlisle Mejftoriil Chlwch. We are indebted to Belfdsl Buildinus Trnbt who SpOrted us by Pfovidinu this venue un(1 helpinu u¥ io brinb? our renowned market i(J North Belfast. In addilion lo our Marlborough House gallery prosramme, we beBaffl a callDboTalive relationyhip wilh Beifjsl Buildings Tru51 who kindly inviied us to prwamme installation5 in their Carlisle Memorial Church venuc, Leo Boyd was Ihc fitst artj5t selecl¢d by an teemed pllnel of jud¥e4 to take in Ihis opportunily and in February 2024 The Belfthst Thai Time Foryot in 3D' opened lo ihe publi¢ 10 great Kclaim. Room bookln contlnue Our n•w localionx At shrykill Mis¥ion gnd Marlborou8h Hou¥e le%ii opporlunity for us lo provide T•nthbl• SP11+ but in Febnthry 2024, fuwlly oned Ihe Dara¢e Sludio in Shankill and G411¢ry I Pn)jecl Space ai Marlborough for public bookings. Our ?023 rales are designed io meth ihe need5 of ihose on low income ond are as follow5: Hourly H•if d•y Full day Week (S da)7) Week (7 dlyi) Standard RAtes Dance sllmlio I Gallery and proj[ space Cornmunliy I Con¢esslonAry Rate5 Dance Siudio Gullery Spu¢ and Projeci Spuce £30 £120 £195 £780 £1,170 £10 £65 £260 £.190 L40 £65 L260 £J9U
VALLT ARTIST STUDIOS (REGISTERED NUMBER: N16431192) Report ofthe Trustees FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES AfteT a review of usage and c0515 these rotej weTe updaled in Sepl 2024 10 the following Hourly Half Day Full dly Week (5 d)J) Week17 days) Standard r8les Dance Studio I Gallery and projcL't 4pycc Communfty I ConceMlonAry Rates Dance Studio Gallery Space and project spa L12V £IY5 L711U Ll,17U £15 £55 £1( £4(M) £60n £25 £90 £170 £680 £1,000 Ev¢nli 2023124 dfxmalic chanyc lo uur usual fun fillcd Lulcndar WL bc¥an thc finunLidi yLar prcpufIn to Ic8vc our fowLr StrcLl swdios. In April 2023, we held our'EveryihinB Must Go, relocation sllle in an effort lo have a 8ood clear out before the blu move and with heavy hearts in M4y 2013. ably a55isl¢d by Fosl¢r5 Removals. our amazing comrnunity of 4ni515 moved lo Iwo sep4ral¢ hom¢8. These two ncw homoi didft't iminedilllely lend th¢nL¥cIvcli lo bosting cvcllL4' in Ihe wuy wc had bcLn ablc 10 ai Tower Street. Shllnkill Missioffj while full of eharneier ind ¢hAmi hod all the issues thai Lccomptsny rt 100 year old building and a eonsidernble omounl of lirne llnd resource¥ were iequired lo create u habiluble spice, il has only fecenily been uble to be open to Ihe public. Marlborough Hous¢. comfortablt and recently inhnbiled. didn't quite mal¢h Ihe Vauli vibe Dnd Deeded our colle¢lii¢ ¢r¢Ativity to fi8urc oul how we could best put il to usc. Evellt Fl for l A rll 2013 to 31 March 2014 Beneflclarles iudlan¢¢ (Approx Beneflclorfej P4rtklp4nts {pprox)
Artlsts
Involied Date Name of ETrellt Type of Event Vault Fundraiser (Rled 3K) Everythin8 Musl Go Sal¢ Vauliernalive Mwaihorb- Fundrniser Syrio and Turkey emnhquake appeol A55embly A-N (Artisl Nclworkin event) in ssociation with QSS & PS2 22&23Apr ao R(M) 30 Apr FundTriser 10 Networking Eveni ) OL"1 io
VALLT ARTI.ST STUDIOS (REGISTERED NUMBER: N1643R92 Rtport ofthe Trusttts FOR THE YEAR ENDED 31 MARCH 2(124 OBJECTIVES AND ACTIVITIES l¢'s All Your Vuult- G¥ll¢ry & Project Space Opening Buttemilk Gallery Opcning & Archive Broup exhibition Exhibition Screening. cxhibiliL)n, fundrniser 5-15 Oct 2-6 Nov 50 20 1,200 4(10 100 30 An VLnIn¥ For Palesline Vauli Chrislmos Market . C¥rli51¥ Mcmorial Church 29th Nov 30 30 2&3Dec Art M¥rket Mernbe group exhibition 20 i.ioo 70 Sthllholdc 7-12D Diamond Tho Belfasi Thal Timc Forgol - Lo) Boyd Plocards for Palebtine 14 31K) 12 Silc $PLLIflc gallery pop up Artislic works1p Group Exhibiiion 4.7Jan 2(M) 1&2Feb 7-14Mor Tolil Moth¢r 7U 8UO 4,9811 412
VALLT ARTIST STUDIOS (REGISTERED NUMBER: N16431192) Report of the Trnstees FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES A¢hl¢vem¢ntS Sludlo prov151on We began ihe year providin studio workspaee lo I I l artists ¢ndd th¢ year ivith la6 fflember5. We currcnlly have an extensive waiting Iisi in exeess of140 applicants. Re5trl¢tlonJ on who ean bcnellt There are restsiLtions on who con join as o member. The following ¢nri0 are used to ossess new applications
Ensure we rcpre5fnt a diverne rDnBe ofartforms Ensure we maintain a Rood Render balance Enwrc our m¥rnb¢r.% hav¢ uLliv¢ arti&ti¢ prucilcc Ensure members demonsirnle o need for low eosf workspace5 Priorily is given lo members that are b&sed in Beifost P¢opl¢ tha¢ make use ofour room renwls rnusl ensuTr they have adequaie public liability i14¢ There Arc no rcslrletlons oft thosc that k.ncfJt gs iudienLes &Thd PArttL'ipAnts al evenis. In the pa51 year, several ofour unp&id Tn15 have rtteived a small finan¢ial b¢tTl from work.ing at ¢vt5 on behalf of VAS. This was undertoken with the expres5 approvoi of the Board members ftnd only in very exeeplional CircumOnCe$ e.8. when no olher %ui(ubly qulllified member wa% avMilable or thul the Trustee performed u Juty Ihat no other mcfflbef wi4hed to undenuke bui wa% slgnlll¢anl ro VAS repuwtlon wiihln ¢h¢ local communiry. Harm There is no harn? arisin8 from any of our purposes. Prlvxte Benefit Trusiees that exhibited their work in (he llery dld so os membets where all members wer¢ perniitied to do so uThJer the 8uidance of nOn-truS curaior. Truslees ii'ailed of Sludio spu¢e bu¢ thbs is necesry Is siudio m¢mber5 mu51 be reprEsenled on the Bollrd of Trustees llnd is inci(knthl a5 TNslees applied for and were assi8ned studio space in the sarne way os all Dlher beneficiaries. We have noi undertaken llny maintenthnee or upyrndes to buildinyli thRt were not e%ntIal for u% to curry out for nornwl operation and so the only privat¢ benefit lo the buildin8 owner5 was incidenlal. Stslem¢nt of ¢ompll*n¢¢ In sei¢in8 our objectives and planning our •ctivities for tbe year the Iruslees havc 8iven careful considerdlion to the Charity Comml4slon fur Northern Irelsnd'b guidCe un public benEfil lo esure thAI the acilvltles have helped to whleve the ch4rlty'S purposes and provide a benefil lo the kncficiaries. STRUCTUR4 GOVERNANCE AND MANAGEMENT Governlng document The chllrily is Lontroll1 by it% 8ovemin¥ duL'um¥oi. u de#d of iruit, Thd LonblilUte8 th limiied companyi limited bj ¥uDranlee. as defined by the Companies Act 2006. REFERENCE AND ADMlsTRATIvE DETAILS Rrylstered CornpAny number Nf6431192 (Niythem Irelund) Reglstered Ch•rlty numbtr 106675
VAILT ARTI STUDIOS {REGISTERED NUMBER: N1643K92) Report ofihe Trnstees FOR THE YEAR ENDED 31 MARCH 2024 Reghtered offlce Sliankill Mission Building 116 Shankill Ri)lld Belfast Co. Antrim BT13 2BD 'I'ruitees M5 L McBum¢y Ms S C O'NeilL-Nicholl (resi8ntd 221312024) Ms K Compbell M W Diichfield M M Pulton E McGinn (appointed 2812120241 Ms E Shjrpe (oppoinled 181412024) Company SeerelAr)' Ms K Campbcll Independent Ex4mlner Seumutl McLernon M.B.McGrady & Co Chanered Accounionls Suit¢ 2B Cadosan House 322 Li¥bum Beif8$1 Ctr, Antrim BT9 6fjH Approved by order of the board of tru%teeli on 23 December 2024 Mnd ¥i8ned on it& beholf by: Ms L M¢Burn¢y- Truslee
Independent Ex"amlner's Report t• Ihe Truslees ol VAull Artist studios I rcport on the accounts of rhe company lor Ihc year endcd 31 March 2024, vthich are sel oul on pagcs eleven to Iweoly. Respectlve rpOlIbIlItIeS ofchirltv trnstets and exlmlner A5 Ihe charity's trusle¢s (pnd also Ihe diTt¢lors for il)e purp05¢5 of company law) you are responsible for Ihe preparalion of ilie uc¢ounts in a¢¢ordanL wilh thL rcquirLYDCnts of ihL. Compbnic¥ A¢1 2006. Having sati5fJed myself thai the ¢harity is not subjttl lo oudil under company law and is eligible for independenl examinalioN it is my re5pon.$ibility to.. ¢xamine the accounls under Seclion 65 ofthe Charitie5 A¢1 fullow thc procL'durcs luid down in ihc gL'fiLYuI DirL'tIOnt5 Bivcn by thc Llthritv Lummissiun for NorthLin IrL'IBnd un(JLr Scction 65(9Xb) of the Charilies Act stale whether particulor rnAtlerJ hnve come lo my attenliort. BASIS of the lffidependent exAmlner's report hu*c cxamincd YOUT chuTiIy H¢Luunts rcquircd under ScL'lion 65 of th¢ Charitic& ALt and my cxuminition WH5 Curried uul in aecordance with the general Dirttlions given by Ihe Charity Commission for Northem Ireland under Seciion 65{9Mb) of rhe Charities Act. The examinaiion included o review of the accounlinB reLord5 kept by the charity ond ll comporison of the Accounts pre5enled wilh Ihosc records. It also included con¥ideralion of any unuwal item¥ or dis¢lo$ur¢s in the accounts, and ts¢e&'ing explgnations from you as charity tswsitts concerning ony Gueh maiters. My role 15 lo stale wheiher any material mattefs have Come lo my attention 8ivin8 me cause lo believe: Thai iccounting records were not kept in accordance with Section 386 of (he Companm Act 20n6 Thai the accounis do noi accord wilh (hose accounlin8 records Thal thc ac¢i)unls do nol comply wilh thc uccounlinB rL'quircmcnis of Scthion 396 of Ihc Companics Acl ond with Ihc meiliods and principles of Ihe Charitie5 Slalem¢nl ofRecomrnended Pwli¢e applicable to charilies preparing (heir oc¢ounls in accordance wilh the Financial Reportln8 Stondard applicable in the UK And Republic of IrelAnd Th#1 there is rther infonnolion n¢¢d¢d for o proper undetstsnding of the u¢¢ounts' to be rea¢hed. Indtpèlldeftt exlmlnew's rtltement I hav¢ ¢ompl¢l¢d my ¢KaminBlion and hav¢ no ¢on¢¢rn$ in T¢sp¢¢I of the mJll¢r5 (1) to (4) ligl¢d Jbove and, in connertion with followins the Directions of Ihe Charity Cominission for Northern Ireland, I have found no matters thot wuire drnwin8 to your aiienrion. S¢llrnus McLemon M.B.McGrady & Co Chartered Accounlanls Suite 2B Cado8an House 322 Litiburn Ruud Beifa51 Co, Antrim 8T9 6GH 23 Dcccmbcr ?024 10
VALLT ARTI STUDIOS Stnlemenl ofFlnanclal Actlvllles FOR THE YEAR ENDED 31 MARCH 2024 3113124 TDtal funds 3113123 Tot81 fund5 UThregtrlcitd fund Re$trlcted nd Not INCOME AND ENDOWMENTS FROi¥I Donalion.s arKI I¥¥uci¥s 10,442 10,444 2,447 clItble acllvllles (ienernl suu 84.¥41 11SJ4A 211.7191 Other troding aciiviiies Tofil 127 EXPENDtTURE ON Raising funds 1,997 63518 Charltable Aedvlil¢s Gkncral 75Jl 71859 151,917 63,049 Other Totil 27 104 36 8 695 12 L26 J90 L26 67 NET INCOMEI(EXPENDITURE) 111,631) <711) {12J42) 714 RECONCILIATION OF FUNDS Tolal fun(L8 hmughi forward 27,7811 9J70 .17,ISQ .16,436 TOTAL FUNDS CARRIED FORWARD The notes fom> part ofihese financial statements
VAILT ARTIST STUD105 (REGIERED NUMBER: N1643891) Balgnce She 31 MARCH 2024 3113124 Total fuid5 3113123 Totfil funds Unrestrlcted fund Restyleted lind Notey FIXED ASss Tangible ussei 10,930 703 11,633 17J46 CURRE ASSETS Sio¢ks Debiurs Cash 0¢ bank 1133 10204 10 5,924 22 29J82 5,924 11,086 40,468 75,185 CREDITORS AmounLs falling due wiihin on¢ year (14,163) (3.130) (27.293) (55581) NET CURRENT ASSETS TOTAL ASSETS LES5 CURRENT LIABIUTIES 16,149 8,659 24,808 37,150 NET ASSET5 FUNDS Unrestricled funds Re%lticied funds TOTAL FUNDS 12 16.149 27.780 24 The eh&ritable ¢ompanv is entiiled 10 ¢xempiion from audi¢ und¢r s110 477 of th¢ Companies Act 2006 for the year ended 31 Morch 2024. The members have not required lh¢ company 10 obtaln an audli of 11$ tlnanclal statemenls for the year ended 31 March 2024 In aecotdance wilh Seciion 476 of Ihe Companies Aci 21)06. The trus*es aeknowledie their rtspon8ibiliiie5 for (a) ensuring Ihat the charitsble company keeps iccounlinK records thot comply with Seclions 386 ond 387 of the Compani¢5 Act 2006 end prepuring finyn¢i81 slalements. which ¥ii'e u irue and fair view of the ¥lule vfllffuiTS of the Lhllritublc compllny at the en41 of eoch financial year and of ils surplus or deficit for each financial year In accordance with Ihe requirements of S¢clions .194 gnd 395 and which oiherwi6e comply with the requiremen18 of ihe Companles Act 2006 r¢laiing 10 finan¢i41 $N¢emen16, $0 tor u ippli¢llbl¢ io the ¢hAritable wny)any. (b) The note5 fomi port of Ihese financial slalements 12 continucd...
VALLT ARTIST STUDIOS IREGisfERED NUMBER: N16431192 Bal8n¢¢Sh¢el- contlnued 31 MARCH 2024 These financi81 sllltements have been prepored in ttccordarnce wilh the provisions Applicable io charitable Lompanies subjeL't to ihe small ¢ompanie5 regim¢. The financial statefflenls were approved by Ihe Board of Tnle¢S and authorised for issue on 2.1 Decernber 2024 and were signed on ils beholf by: L McBurney- Trustee The noies fom) part of Ihese financial StaMents 13
VALLT ARTIST STUDIOS Notes to the Flnanelal Statements FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES B81¥ of pr¢prlnE the Ilnincl•l ¥t*leThents The financial ststemenls of ihe charitsble company, which is a public benefil enlily under FRS 101 have been prepared in accordance with thc Churiljcs SORP (FRS 102) 'ALcounting and Reporting by Charities: Stsiement of Recommended Practice appli¢nble lo ¢harilies pr¢parin¥ th¢ir accoun'.5 in accordnnce with the Financial Reporting Stand•rd 4pplid)k in thE UK ond Rcpublic of Ireland {FRS 102) (Ctfeclive l January 2019),, Financial Reporting Slandard 102 The Fjnancial Repvrring Slundrlrd ¥ppliLablc in ihc UK Mnd RcpubliL' of IrclMn(r Mnd thL' Lompanies. Act 2UU6. .1 hL financjul %lalcmcnls have been prepared under Ihe historical c051 convention. In¢orn¢ All income is recognised In the Siaiefflcnl ofFinancinl Aclivitie5 once the chariry enliilemeni 10 Ihe fimd4 il is probable th41 lh¢ ineomc will be reLeivcd llnd thc arnol1 Cull bc mc&%ured rL'liabl)'. ExpeAdkure Liabiliti are recognised Qb expenditure as soon there is A leual or con%truclive obliBAtion Commiitinbt the ¢hJrity lo that expendi(ure, li is probable that a trnnsfer ofeconomic benefits will be required in seiilemenl and the amouni of the obligalion can b¢ musurcd rcllably. Expenditur¢ is accouniLxI for aD aL'cTua15 bo5is and ho5 bccn classificd undcr hcadings that a8sregale all cost related to ihe coie80ry. Where cosig cannoi be dirccily attributed lo p&rticular IMdin8s they have been allocaled to activilbe5 on a b45is consislent with the use ofresources. Tanglble Ilxed asseii Dcpr¢&iarion Is pn)vidcd al thc lollowlng Dnnu&l rnlcs in ordcc to wrilc ofFe4¢h ass¢t ov¢r its ¢$thalL)I useful lifl. Sloe Stocks are vlllued al Ihe lower of cost and realis&ble value, After moklns duc alLOWL¢ for Oble1C Bnd slow movin8 ilem$. T8x•ilon The charity is exempt from colyoraiion tAX on ils eharithble e¢iiviti¢s. Fund A¢¢ountlig Unreslricied funds con be used in 8ccordanee wilh the chariiible objcciivcs al the discretion of the tru$lee5. Resiri¢led fvnds can only be used for panicular reslricted purwses within Ihe objects of thc charity. Restrictions arise when specified by the donor or when (un(Ls Dre rnised for pIL1&r rnlri¢l¢d purposes. Further explanation of ihe noture and purpos¢ of each fund 75 in¢luded in the notes lo the financial temen¢$. Penslon cosli and other poit-rellrement benellti The charitable coinpany opernles a defillcd contribli0n pension scheme. Contributions payabl¢ to the charitable compnny's pension scheme are charged 10 Ihe Staiemeni of Financial Activilies in the period which ihey relate. 14 onlinu¢d...
VALLT ARTIST STUDIO.$ Note5 to the FIDanelal Slatements - contlnued FOR THE YEAR ENDED 31 MARCH 2024 OTHIR TRADING AcfMTIES 3113124 31n123 Room Hire Income Members Rentsl Income Member Evetbls Income Other Income 5J30 6&472 6.127 19,619 54.701 18,372 96.115 RAISING FUNDS Rg151llg donatl•ns and kgaeles 3113124 3113123 Supp(Nt cusls NET INCONlEIIEXPENDURE> Nel incomel(expenditure) ig Statrd ifter charginW(eredilin8): 3113124 3113123 D¢pr¢¢ii¢ion- owned assets TRUSTEES, REMUNERATION AND BENEFITS There wer2 no 1ru4t¥, remumlion or ()ther benefiltt for the yemr endul J l h 2024. However, Sinelld (YNeill Ni¢holl received o per diem fee for her eonlribution lowords ihe Blueprint progrnmme in year ended 31 Morch 2023. Trustees, expel There were no t1¢$. expenbta paid for the yeur en(kd 31 MCh 2024 nor for ihe year ended 31 Maf¢h 2023. 15 conlinucd...
VALLT ARTI.ST STUDIOS oteS to the Flnanelal SIAtements- contlnued FOR THE YEAR ENDED 31 MARCH 2024 STAFF COSTS ThG ui'crnge monthly numbcr ot"Lynployccs during the yLllr w&¥ foll0M". 3113124 3113123 Stsft. No employees received emolumeDLs in ex¢e&4 of £60,IxIn. COMPARATIVES FOR THE STATEMENT OF FINANCIAL A 1vITIEs Unreserl¢led Reslrlcled fund To¢ fiDds INCOME AND ENDOIVMENTS FROM Donnlions and k8acies 2.447 2,447 Ch•rllAble aetfvltles 21,719 211,719 Oihcrtrading activities T•¢al 127 EXPENDITURE ON Raisin8 funds 63.518 63518 Charftxble ittlvltks General Tot41 126 NET INCOMEI(EXPENDITURE) 3,831 (3.117) 714 RECONCILIATION OF FUNDS Tot&1 fiinds brought foThvJrd 23,949 12.4f17 36A36 TOTAL FUNDS CARRIED FORWARD 16 ¢onlinu¢d...
VAILT ARTI STUDIOS Note5 to the FIDanelal SIAtemen¢s- conllnued FOR THE YEAR ENDED 31 MARCH 2(J24 TANGIBLE FIXED ASSETS Fl%tures and flitlngs Computer equlpment TDt•Lq COST At l April 2023 Addition5 At 31 March 2024 DEPRECIATION At l April 2023 Charyc for yeAr Ai 31 March 2024 NET BOOK VALUE Ai 31 Mah 2024 AI 31 MAr¢h 2023 2¥W91 99 4.928 6517 33,B19 11638 3,63S 11273 18 16 STOCLS 3113124 3113123 Slo¢k$ 33 yo. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3113124 3113123 Tr4& deb¢oT5 Other deblofs Prepayments. accrued income 5465 20¥ 251 9.971 L41 792 10 17 continued,.
VALLT ARTI.ST STUDIOS Note5 to the FIDaTh¢l41 Slatements- eontlnued FOR THE YEAR ENDED 31 MARCH 2024 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3J13124 3113123 Social security and oiher thxes oiher creditors Accruals und deferred income Accrued expenses 420 1,198 2S675 295 659 54,539 88 55.581 27 12. MOVEME1 IN FUNDS Net movement In lunds At 3113124 At 114n3 Unrestrleéed funds Genernl fund 27,780 (11,631) 16,149 Ruirkt¢d fundi Restricd funds 9J70 (711) 8.659 TOTAL FUNDS 42 Nel movemenl in funds. included in the above are as follows: Ineornln8 ruoiir¢es Rejoureej expended Movemont In fundi Unrestrlttod funth Oenernl fu1 91941 (104J72) (11,631 Rg51rlcled fviid¥ Restricted funits 84043 {85,SS4) (711) TOTAL FUNDS 190 I26) 42 Is conlimued...
VALLT ARTIST STUDIOS Notes to the FIDAnelol Siitements- tODtlnued FOR THE YEAR ENDED 31 MARCH 2024 IL MOvEmEr IN FUNDS- fontlDued CompAfAtlvey row mov¥ment In Net movement In funds At 3113123 At J14122 URrestrlcted fundi Genernl fund 23.949 -1,831 27.780 Restrlcled funds Rcs¢riLtcd fund$ 12,4117 13,117) 9,370 TOTAL FUNDS CompArntsv¢ mov¢mcnl in fundy, includcd in thc llbovc nrc as follows: IncDmlng resources AoUrCeS e%pended Movement In Unrestrl¢ted fiinds Gen¢rJl tiind 98,562 (94,731) 3,831 R¥slrkted fvndi RIn¢l£d fvnds 28.719 131.836) (3,117) TOTAL FUNDS 127 281 126567 714 A ¢unEnt ye4r12 month¥ and prior year12 months eofflbined PDgiiion is os followj: Nel ovement In funds At 3113124 At 114122 Uarestrle¢ed fundi Genernl tijnd 23,949 (7,Rl)O) 16,149 R¢strlcl¢d (undy Restricted funds 12.487 (3.828) 8.659 TOTAL FUNDS 11628) 19 conlinu¢d...
VALLT ARTI STUDIO.5 Notes lo the Flllanelal Siatements - eontlnlled FOR THE YEAR ENDED 31 MARCH 2024 J2. MOVEMENT IN FUNDS - eontlnued A ¢unL'nt ycor12 moDth¥ and prior yL4r 12 month¥ ¢Umbin ncl moi'¢mcnl in fiJnd¥, includ¢d in thL' ubovL ur¢ folluwt¥ Incomlng reJource5 Resourc expended Mov¢menl In funds Unre#rlclod funds Generjl fund 191,503 1199,303) (7.800 Res¢rkiEd fundi Restricted fimds 113,562 (117.J90) (1,828 TOTAL FUNDS 316 693) 13. RELATED PARTY DISCLOSURES There were no relaied porty trawlions for the year ended 31 Mah 2024. 20
This document was delivered using electronic communications and authenticated in accordancc with the rcgistrar's rulcs relating to clectronic fonn, authentication and manner of delivery under section 1072 of the Companies Act 2006.