fabric has released its sixth transparency statement, which shows that the Farringdon venue has been left with over £100,000 from the #saveourculture fund they launched in September.
Last month, in fabric’s first transparency statement since striking a deal that allows the club to reopen with the Metropolitan Police and Islington council at Highbury Magistrates Court on Monday 21st November, Gary Kilbey, fabric’s managing director, outlined how the money will be used to help “worthy causes” in the nightlife industry.
The campaign closed with £333,618 on Wednesday 23rd November, and fabric’s figures show a “substantial overage” of £109,594, with Kilbey reiterating that the surplus will be used to help industry issues – including efforts on changing the Home Office’s guidance on the Licensing Act 2003 – in their sixth transparency statement.
Kilbey said, “Today we offer our final financial statement that shows a substantial overage of over £100,000 that we are currently discussing how to manage.
“This is in a segregated account and will be available to fund not only our ongoing attempt to reform licensing guidance, led by Philip Kolvin QC, but also to assist other industry associated causes.
“We’re looking at several ideas including charitable status or a Trust to ensure proper financial governance of this large amount which is currently in a segregated account and all details of it will be reported monthly.”
Last week fabric announced it will officially reopen on Friday 6th January with a weekend of celebrations that has “family very much at its core”.
Kicking off with a special FABRICLIVE event on the Friday featuring “a host of unannounced special guests from our history and our future”, the reopening party continues on Saturday 7th January with residents Craig Richards and Terry Francis, plus more secret acts.
Rob McCallum is DJ Mag’s deputy digital editor. Follow him on Twitter here.