Following the news that they will be reopening, fabric have shared an extensive Transparency statement covering their time in court, those who they wish to thank, the future of the club and a full breakdown of their finances following the donations that came in.
You can read the statement from the club’s Managing Director below. Interestingly, the section on finances hints a plans for a major installation organised to celebrate the support that came about for the club. “If you donated, keep an eye on your inbox as we will very shortly be inviting you to cement your part in fabric’s history and be part of a piece of artwork we are creating to install in the club.”
Read the whole of #saveourculture Transparency Statement 5 here and check out the section on The Future and the club’s finances below.
Now we have reached this positive conclusion of our case, we will be closing donations to the #saveourculture this Wednesday 23rd November at 5pm. We envisage having a substantial surplus due to the overwhelming support that’s been shown to us and these residual funds will be used to help other worthy causes within the industry, including Philip Kolvin QC’s pursuance of licencing reform which is he currently championing. We will look to report on this in our final Transparency Statement.
If you donated, keep an eye on your inbox as we will very shortly be inviting you to cement your part in fabric’s history and be part of a piece of artwork we are creating to install in the club.
As we have previously reported, we were invited to submit representations to the House of Lords Select Committee on the Licensing Act 2003 as to the difficulties faced by licensed premises. Our representations can be read here. We’ll keep you updated on progress of this work which the #saveourculture fund is making possible. Through this action we are seeking to protect other venues from having expensive legal proceedings brought against them until every other avenue has been exhausted. Closing a premises should be a last resort and this is what we are still working towards.
We are now looking forward to the future and being able to open up our club again. We’re fixed on that moment that we turn the sound system back on and reunite the fabric family in our disco to engage in enjoying the world class music of our residents and family of artists. This is what it has always been about – being able to share in these experiences, together.
We hope to see you back in EC1 very soon.
Financial Statement as at 5pm Friday 18th November.
Outgoings In Past 2 Weeks
Legal and Professional: £2,313.00
IT (Site Support): £300.00
T-shirt Purchases: £0.00
T-shirt Post / Fulfilment: £0.00
Expert Witness Costs: £1,750.00
Total Costs: £4,883.00
Total Pledged: £320,215.00
Less Grand Total Costs
Expenditure (T2 & T3 & T4 & T5): £188,549.14
Total at Bank: £188,549.14