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
BAl*nee Sheet
l? to 13
Nolu lo thp FIng￿l91 S¢a¢em*nls
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 PrePa￿d 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. th￿C Iwo b￿]ldIn&￿ providL'd thc .4pocc ￿L￿￿cd 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 Jha￿d up and shipped out.
De8Pite the htJrtbT￿k 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 $till believe In the trun¥fOrnl￿t1v2 power ofort. We remain committed to findiny morE
pern)onenl hom¢s, advoc41in8 for¢han8e for all anists and Art5 orBanisa¢ions. and building a slmnser. more sustainable fvtur
The saddest pffi of thls story is IbDt, nearly 18 months &ller our relocation. our former borne oi Tower Street still sil$ boorded up olld
empty.
Lookln¥ uhea<l, we hupe lu bulld relailon$hlps wlih bulldlng owners and or￿n1¥￿110nS that v￿lue colleLtlve effort, see ihe blg¥er
ptclw< And believe in fairne55-not profit-as a rneosure of siiccess. Our partnership wilh Argyle Business Cenire lias been 4 sknnin8
exllmple of this elhos. They offered us not just resources but 8en¢rosily Bnd support far beyond our expectations. helpin8 ￿CUre
VHuli'5 presence on ihe Shankill for many y¢or5 to come.
We Lonlinu¢ lu xearLh fur mure pern￿n￿nI 4pace$-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 rek￿aliOn me8nt our evcnts and activities were les& frequenL Much of our energy wa8 spenl fixing, ref￿1￿8,
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 s￿di0 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 MCC￿31a$h, wbo coniinues lo provide freelance
athnin support.
Wt are proud lo hnve buill 5u¢h 4 Strong And dedlelllcd ieam, fully invested in Vault's success. With Ihis foundotion, we have laid Ihe
oundwork io securE Addiiionul financial r¢sourc¢￿1X)ih funded and klf-&ienera¢¢d-io grow our sthif Jnd fr¢¢l&nce team in Ihe nexl
financial y¢ar,
Fundin8 from Ihe Beif&st City Council Organisalional Support GrJni has algo allowed us to compensate freelancers supporling Pli
and Communicotions, reLo8nisinB the Imp￿￿nCe of professional management for this vital function. Previously, we relied heavily on
volunleer effort5, which was unsusloinable. Our PR iejm, comprising L8urn Ne150n. L¢0 Boy(L and Jonathan Brennan. hov¢ worked
tirelessly io promolc the work of Vauli llDd its mernbera.
Fundin8 received in 2023-24 5UPPOrted mony other Areas ofollr work:
Capi￿￿ improvemenls 10 our building& wer¢ supponed by both lh¢ BCC organi￿110n￿l Support Grnnt and ornBoing funding from the
A&BNL Blueprint Pro8ramme.
Our gallery programme wos supported by the BCC Small Programme, ensuring resou￿¢$ ￿ fairly compensale anists,
curalurs, photogra￿er￿. And lechrticians to deliver ongoing sallery oulpul in ihe coming yeor.
The ACNI Small Grants Pr08rni￿rne funded a s(reel art project on the wa115 of our ShJDkill Mission buildln& lrnrAsfom)in8 B (treary
public W￿lkwUY inlu lln in¥pirin¥ %pace while LreplI￿ wurk op￿rtUni11¢S fur urt15L%.
These aLhievements represent the hard work, collabornlion. atjd resiliencc ofevcryoiie involved in Vault. A5 we look ahcad, we are
¢neT￿lised to continue supportin¥ our members, Llrowingv 0￿r ¢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. fi￿nY Jpucc¥ WCTC unavailublc durin¥ thi8 I￿￿41¢10n81 pcriod. HuwLYcr, by thL' cnd of
the year, we were abk to bring Thyo public rental spaces.the dance St￿10 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 b￿1]dIng improvements lllso addcd to our fi￿￿ti#l preK%urcs.
As a resuli of these chollenges. we closed Ihe finAn¢iol yeAr with o deficit of £12,342. While we sU￿1¢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 slrL*ms, wc atc
well*ositioned 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 ltrIa￿h
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 pR￿liCe 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 TrU￿ge%. 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 exp￿SS 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[v￿￿Es
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, ur8￿nis1n￿ und dLlivcrinJs CVLni% which impr¢)vL' public UCLCKS to. ￿nd DE￿iCIPalI0n in. lllls And LNfi4;
(c) organising workshops and 5eminar5 and enabling the usc of facililies by COTnThunity group5 and organi$4ts"ons'
(d) encournging iiilerest in. raisin8 aworeness of and fosierin8 the developrnent of creDli%'elexperimentLI projects;
(e) en¢ourauing and roslerin￿ w view of the art5 as a medium ofinformalion, expression and advuncernenl.
12) Prumolc cuinrnunity dcvcluprncnl w]d thc rcbycneratiun of Jocal by OEcupyinu fuTmcrly Cmpty
prerniseslbuildings and, Whe￿ Appropriaie. presetving. mAinlainin8 and improving such facilities.
What do we do and how do w• do It?
esa
VA8e
Isusc
Ings as a
ordoblc 5pacc for pcoplc lo makc art and support crcalivity.
> We fosler engagenieni among51 our member5 lo develop neiv woys ot'workin8 and 5treTh8ihen our imphct as o colleclive.
> We provide ott AliernAtive independent plfjifomi for ehillenging and celebrntin8 the orts.
Whal mokeg u5 dirrerent
rmcm
rs covcr
road ran8c of #rt and crcatii'e disL'iplitics,
>Our independenc¢ allows us lo orgini¥¢ a￿und Iheir individual n¢¢ds and Invesi in e￿h other.
> Oureollective Altt'tude gives u$ the ener8y lo affeci the change (hat mail￿5 to u5.
Beoefiellrlei
rwneticiwi¢s fDII under Ihre¢ di$linL% cale8ories: our mernbry lo whom we provide offordable workspaces and support: other
ur
rts profe5510￿￿18 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 grou￿5 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 aL*lvi¢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 I￿L11Lry 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 fina￿la1 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 S￿￿pOrted 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 sh￿rykill Mis¥ion gnd Marlborou8h Hou¥e le%ii opporlunity for us lo provide T•nthbl• SP￿11+ but in
Febnthry 2024, ￿ fuwlly o￿ned 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 StrcL*l
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
(R￿l￿ed 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
works1￿p
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 ¢n￿ri0 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 i￿￿14￿¢
There Arc no rcslrletlons oft thosc that k.ncfJt gs iudienLes &Thd PArttL'ipAnts al evenis.
In the pa51 year, several ofour unp&id Tn￿1￿5 have rtteived a small finan¢ial b¢￿tTl from work.ing at ¢v￿t5 on behalf of VAS. This
was undertoken with the expres5 approvoi of the Board members ftnd only in very exeeplional Circum￿OnCe$ 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 neces￿ry 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 guid￿Ce un public benEfil lo e￿sure 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 Lontroll￿1 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 ADM￿lsTRATIvE 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 r￿pO￿lIbIlItIeS 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. Comp*bnic¥ 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
c￿lIt￿ble 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 (REGI￿ERED NUMBER: N1643891)
Balgnce She
31 MARCH 2024
3113124
Total
fuid5
3113123
Totfil
funds
Unrestrlcted
fund
Restyleted
lind
Notey
FIXED ASs￿s
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 s￿110￿ 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 Tn￿le¢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 Sta￿Ments
13

VALLT ARTIST STUDIOS
Notes to the Flnanelal Statements
FOR THE YEAR ENDED 31 MARCH 2024
ACCOUNTING POLICIES
B*81¥ of pr¢p*rlnE 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 arnol￿1 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 ¢$th￿alL)I useful lifl.
Sloe
Stocks are vlllued al Ihe lower of cost and realis&ble value, After moklns duc alLOW￿L¢ for Ob￿le1C Bnd slow movin8
ilem$.
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$lee5.
Resiri¢led fvnds can only be used for panicular reslricted purwses within Ihe objects of thc charity. Restrictions arise when
specified by the donor or when (un(Ls Dre rnised for p￿IL￿1&r rnlri¢l¢d purposes.
Further explanation of ihe noture and purpos¢ of each fund 75 in¢luded in the notes lo the financial ￿￿temen¢$.
Penslon cosli and other poit-rellrement benellti
The charitable coinpany opernles a defillcd contrib￿li0n 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 INCONlEIIEXPEND￿URE>
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 t￿￿1¢￿$. expenbta paid for the yeur en(kd 31 M￿Ch 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 Ma￿h 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
Restric￿d 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 fu￿1
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
MOvEmE￿r 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
A￿oUrCeS
e%pended
Movement
In
Unrestrl¢ted fiinds
Gen¢rJl tiind
98,562
(94,731)
3,831
R¥slrkted fvndi
R￿In¢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 Ma￿h 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.