Charity registration number 1007491 Company regIstraOn number 02672171 (England and Wales) PHOTOFUSION EDUCATIONAL TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
PHOTOFUSION EDUCATIONAL TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees KA Barron A Luvera E Odida G C P Rayner N Shipley V Albano H Brown D Paige J Taylor (Appointed 10 May 2023) (Appointed 10 May 2023) (Appointed 10 May 2023) (Appointed 5 June 2024) (Appointed 31 July 2024) (Appoinled 5 July 2024) {Appoinled 5 June 2024) Secretary G C P Rayner Charlty number 1007491 Company number 02672171 Registered offrce Unit 2, 2, Beehive Place Brixton London SW9 7QR Independent examiner Azets Audit Services 2nd Floor Regis House 45 King William Street London United Kingdom EC4R 9AN
PHOTOFUSION EDUCATIONAL TRUST CONTENTS Page Trustees. report Independent examinerfs report Statemenl of financial aGlivities Balance sheet Notes to the financial statements 8-13
PHOTOFUSION EDUCATIONAL TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statemenls for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies sel out in note 1 to the financial statements and comply with the trust's Igoverning documentl, the Companies Act 2006 and ' Accounting and Reporting by Charities.. Statement of Recomrnended Practice applicable to charilies preparing Iheir accounls in accordance with the Financial Reporting Standard applicable in the UK and RepubliG of Ireland IFRS 102)" {effeclive 1 January 2019}. Objectives and activities The object for which the charity was established is to advance educalion for the public benefrt by the promotion of the photographic arts and a training centre providing open access to facilities, resource5. ski115 training and other services ijsing both analogue and digital technologies. We seek to attract users to our on-site facilities whilst also providing outreach services to Lambeth's statutory and voluntary sectors. We are conscious that our on-site facilities and our ability to offer open access to facililies will be restricted in 24125 due to the capital build projecl and move into our new home however, once this has been completed, the Trust will be able lo continue lo meel ils objectives, and even more so, with new and better facilities. The company's Values, mission and vision is as follows.. Our Values Photography in all its guises is ft)r everyone. Everyone is welcome in our space and we strive to remove barrters to participation. Our Mission For 30 years. Photofusion has championed. 5LlPPOrted and celebrated photography and photographers. While we are well known for our darkrooms, gallery space, digital printing facilities, and education programme, what we are most proud of is the community of photographers and makers who have been a part of Photofusion over the years. Photofusion was established in 1990. Among the founding members were a group of female photographers who were concemed about Ihe way women were portrayed in the media. They formed a cooperative to document real women doing real things.. doclors. nurses. teachers, mothers. Representation, inclusion and diversity have always been al the heart of what we do. Many important images have been made and shown at Photofusion. We have supported some of Ihe UKS most well-known photographers at early stages of their careers. It's exciting to think that the next "big thing. may just be a small thing iaking root at this very moment in our darkrooms, photographic studio. scanning room, youth mentoring programme or monthly Saturday Session. Our Wision To be a cenlfe of excellence and education, within Ihe visual arts sector, and pholography in particular, which consislently reflects ambition, quality, inclusivity and relevance. The truslees have paid due regard to guidance issued by Ihe Charity Commission in deciding what activities the trust should undertake.
PHOTOFUSION EDUCATIONAL TRUST TRUSTEES, REPORT {INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perfonnance Photofusion Educalional Trust (PET) performed minimal activities in 20234. 23-24 was the first year Ihat the previously dormant Tiusl merged with Pholofusion Ltd inlo a new structure where PhotofL6sion Ltd became the business arm of Photofusion Educational Trust (PED. The merger reflecls the company's intention to increase its charitable activity and have Photofusion Ltd's long- standing previous not-for-profit activity more appropriately recognised under the umbrella of the charity. The 23-24 merger has also allowed PET to be eligible for Business Rate Relief as the organisation awaited its move into its new premises on Beehive Pla¢e, Brixlon. This move (in early 24125) was made possible through a Future Workspace Fund capilal grant from the Greater London Council and Lambeth CoLincil (received in 23-24} and has given the organisation fantastic new premises along with grant agreement outputs lo deliver for the local community which all chime with PETS values and purpose. These include-. supporting emerging creatives who face barriers to participalion, giving open access Space to work for local creative businesses and self-employed artists and having a positive impact of the economy of Lambeth by increasing cultural loottall in the borough. 23-24. therefore. marked the beginning of a transitional period for the charity- transitioning into a more robust charitable framework with a trading subsidiary, awaiting the move into a new building with increased square foolage and upgraded facilities, and also a change in Directorship, as Jenni Grainger joined the team in January 2024. Across 23-24 we continued to champion artists, careers of people from disadvantsged backgrounds and continued to work extensively with young people as we are one of Lambeth Council's adult learning providers. The highlights of our year included= Delivering 31 weekend courses for over 100 people in all areas of digilal and analogue photography, all kept at a reasonable price to ensure we remain affi)rdable to everyone. Running 46 free-to-access Creator's Studio sessions for budding photographers aged 18-2S with 329 young people engaging with our sessions in 23-24. We offer mentoring, CV and portfolio building and access to our state-of-the-art photography equipment to support young people who face economic and social barriers to building a career in the visual arts sector. Producing 3 photography exhibitions in our free- to-access gallery displaying the work of up-and-coming pholographers. alongside 5 free Artist Talks on crilical topics for the sector. Across 23-24 we attracted 11,562 people to our space. A particular highlight was our Intemational Women's Day event, lebrating some of the female photographers who were instrumentsl to the founding of Photofusion in 1991. Collaborating with Lambeth Council lo install 5 large lightboxes (advertisement panels) oulside the Brixton Recrealional centre to display relevant Photofusion photography to engage local people and redefine the area as a cultural space. The first instalmenl was 'swimmers' and we shol underwater photographs of the Brixton Rec Lifeguards, to ensure the pholography displayed was recognisable and relevant to Ihe local communily. Securing a photographic commission for 2 Pholofusion members to document the building of our new premises. Their work has been used by the building's architects and will be exhibited in our new space in autumn 2024. Delivering 10 free Members, Saturday sessions. which includes facilitating a morning per month for freelance photographers to come together in our building to connect, nelwork and receive a Cril session on their work. In 23-24 we attracted 227 people to these sessions, out of a membership of just over 500 photographers. Supporting over 700 photographers with affordable darkroom and scanning sessions, ranging from students to professionals lo retired hobbyists, highlighting our USP as a creative space for everyone to engage with photographic experimentation, learning. and the creation of high qLbality image.
PHOTOFUSION EDUCATIONAL TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Whilst 23124 can be recognised as a transilional period for Photofusion, Ihe amount of activity we delivered across this year is testament lo the robusl staff and governance structure, stakeholder support, and 30+ years reputation of delivering high quality activity and services for the sector. Going forwards in 24125, the transitions mentioned above herald a period of growth and development for Photofusion. allowing the company more scope lo fu11 ils mission to champion, support and celebrate photography and photographers and support those at Ihe early stages of their careers. Fundraising A¢tivitie$ In 23124, PET was awarded £397,000 from Lambeth Council (the Future Workspace Fund) for CAT B worf<s to our new premises to ensure the space was fit for purpose as south London's largest photographic centre. This entire sum (with the exception of a sum held for final snagging) was spent in this finan¢ial year as the organisation moved into the building in April 2024. Photofusion Educational Trusl also received £87,216 from Photofusion Ltd. This was a Gharitable donalion from our trading subsidiary where profits are donated in full to . A £3,000 donation came from supporters Gina Glover and Geof Rayner to fund our photographic prize, given each year, to work thal raises questions about our fragile environment and pressing issues of climate. This prize was awarded to a Photofusion photographer and member in May 2024 for the individual to develop thier praclice further. Finally, the charity also received £1,278 in donations, and £750 as Gift Aid in 23124. We are graleful to the following funders for Iheir support in 23124 and after the year-end,. Arts Council Future Workspace Fund Lambeth Gina Glover and Geof Rayner England Council Financial review Principal Funding Sources The company runs a busine55 (Photofusion Ltd) that produces eamed income that covers around 40°A of tolal incomings. Photofusion Lld (whose profits are donated in full to PET) is part-funded by Arts Council England as a Nalional Portfolio Organisation (NPO). Going Concern We consider the organisalion to be a going concern as they maintain sufficient reserves, risk management capabililies and Truslee oversight of business operalions and financial management. Reserves Policy It is the trustees, policy to hold a sum nol less than three monlhs administration and overheads costs as a reseNe. The Iru5tees consider that Ihis sum is sufficient lo ensure that the company can meet financial obligations. The carried forward unrestricted fund balance at 31 March 2024 is £80,025 {2023'. £83,951). Restrlcted Funds The carried forward unrestricted fund balan al 31 March 2024 is £19,615 {2023-. £nil). Risk Management The Trustees have assessed the major risks lo which the charity is exposed, in particular those related to the operations and finances of the charity and are satisfied that systems and procedures are fil for purpose and Ihese are discussed al quarterly board meetings.
PHOTOFUSION EDUCATIONAL TRUST TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management The trust was incorporated on 17 January 1992 and is a company limited by guarantee. governed by ils Memorandum and Articles ofAssociation. The trustees. who are also the directors for the purpose of company law, and who served during the year and up to the dale of signature of the financial statements were: KA Barron (Appoinled 10 May 2023) A Luvera E Odida G C P Rayner N Shipley G Glover M Mullen A Williams V Albano H Brown D Paige J Taylor (Appointed 10 May 2023) (Appointed 10 May 2023) (Resigned 10 May 2023} (Resigned 10 May 2023) {Appointed 10 May 2023 and resigned 10 September 2024) (Appointed 5 June 2024) (Appointed 31 July 2024) (Appointed 5 July 2024} (Appointed 5 June 2024) Recruitment and appointment of trustees The managemenl of the company is the responsibiltty of the Trustees, who are appointed under the terms of the Articles of Association. New Trustees are proposed by serving Trustees or the company's executive team and elected with a majority vote by the Trustees. Induction and Training of trustees An induction ProSs has been established for new Trustees. Separate meetings are arranged with the Chair and executive team. In addition. Trustees are presented with a welcome pack. including Charity Commission guidelines. a list of board roles and responsibilities, the company business plan, company handbook and Memorandum and Articles of Association. Trustees are also offered the opportunity to attend training for board development. Organisational Structure The Director reports to the Trustees at quarterly board meetings. The Director acts as Company Secretary to the board. Risk Management The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity and are satisfied that systems and procedures are fit for purpose and these are discussed at quarterly board meetings. Members Liability None of the trustees has any beneficial interest in the company. All ofthe trustees are members of the company and guarantee to contribute £1 in the event of a winding UP. The Trustees, report was approved by the Board of Trustees. Katy Barron Chair of the board Date.. 1811212024
PHOTOFUSION EDUCATIONAL TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PHOTOFUSION EDUCATIONAL TRUST I report to the trustees on my examination of the finan¢ial statements of Photofusion Educational Trusl (the trusl) for the year ended 31 March 2024. Responsibilitie$ and basls of report As the trustees of the trust (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in arxordance wilh the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial statements of the trusl are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the trust's financial stalemenls carried out under section 145 of the Charities Acl 2011 (the 2011 Acl). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5){b) of the 2011 Act. Independent examinerfs statement Since the trust's gross income exeded £250,000 your examiner must be a member of a body listed in section 145 ofthe 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of ICAEW, which is one of the listed bodies. I have compleled my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect= accounting records were not kept in respect of the trust as required by section 386 of the 2006 Act: or the financial statements do not accord with those records., or the financial slatements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requiremenl that the accounts give a true and fair view which is not a matter considered as part of an independent examination- or the financial statements have not been prepared in accordance with the method5 and principles of Ihe Statement of Recommended Practice for accounting and reporting by charilies applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper underslanding of the financial statements to be reached. John Howard (FCA) For and on behalf of Azets Audit Services 2nd Floor Regis House 45 King William Street London EC4R 9AN United Kingdom Dated.. 1811212024
PHOTOFUSION EDUCATIONAL TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestri¢ted funds 2023 2024 Notes Income and endowments from: Donations and legacies Other income 2,027 3,000 397,000 5,027 397,000 87,417 Total income 2.027 400.000 402,027 87,417 enditure on: Charitable activities 5,953 5,953 6,221 other 380,385 380.385 Total expenditure 5,953 380,385 386,338 6,221 Net lexpenditure)lincome for the yearl Net movement in funds (3,926) 19,615 15,689 81,196 Fund balances at 1 April 2023 83,951 83,951 2,755 Fund balances at 31 March 2024 80,025 19,615 99,640 83,951 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statemènt of financial activities also complies with the requirements for an income and expendilure accounl under the Companies Act 2006. The notes on pages 8 to 13 form part of these financial statements.
PHOTOFUSION EDUCATIONAL TRUST BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Notes Current assets Debtor5 Cash at bank and in hand 10 33,579 154,864 87.100 2,851 188.443 89,951 Creditors: amounts falling due within one year 11 (88,803) (6,000) Nel current assets 99,640 83,951 Income funds Reslricted funds - general Unrestricted funds 12 19,615 80,025 83,951 99.640 83,951 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial stalement5. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with seclion 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial stalemenls were approved by the Truslees on 1811212024 Katy Barron Chair of the board Company registration number 02672171 The notes on pages 8 to 13 form part of these financial statements.
PHOTOFUSION EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting poli¢ies Charity infomiation Photofusion Educational Trust is a private ¢ompany limited by guarantee incorporated in England and Wales. The registered office is Unil 2. 2. Beehive Place. Brixton. London. SW9 7QR. 1.1 Accounting convention The financial statements have been prepared in accordance with the trust's tgoveming document], the Companie5 Act 2006. FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. {"FRS 102.1 and the Charities SORP 'Accounting and Reporting by Charities.- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102}" (effeclive 1 January 2019). The tnjst is a Public Benefit Entity as defined by FRS 102. The trust has taken advantage of the provisions in the SORP for Charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the trusl. Monetary arnounls in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving Ihe financial statements. the Irustees have a reasonable expectation thal the trust has adequate resources to continue in operational exislence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the tnjstees in furtherance of their Charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes lo the financial ststements. 1.4 Income Income is recognised when the trust is legally entitled to it after any performance Gonditions have been met, the amounts can be measured reliably. and il is probable that income will be received. Cash donalions are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income lax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the trust has been nolified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a conlingent asset. Assets for distribution are recognised only when dislributed. Assets given for use by the trust are recognised when receivable. Stocks of undistributed donated goods are not valued for balance sheet purposes.
PHOTOFUSION EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, il is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The cosls of each activty are made up of the total of direct costs and shared cosls, including support costs involved in undertaking each activity. Direcl costs attribulable to a single activity are allocated directty to that activity- Shared costs which contfibute to more Ihan one activity and support Costs which are not attributable to a single activtty are apportioned between those activilies on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of Ihe asset's use. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.7 Financial instruments The trust has elecled to apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instruments are recognised in the tTUSt's balance sheel when the trust becomes party to the contractual provisions of the instrumenl. Financial assets and liabilities are offsel, with the nel amounts presenled in the financial ststements, when there is a legally enforceable right to set off the recognised amounts and there is an intention lo settle on a net basis or lo realise the assel and settle the liability simultaneously. Basic financial assets Basic financial assets. which include deblors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitules a financing transaction. where the transaction is measured at the present value of the future receipts diswunted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic Ilnanclal Ilabilities Basic financial liabilities, including Creditors and bank loans are initially recognised at transaction price unless the arrangement conslitules a financing transaction, where the debt instrument is measured at the present value of the fulure payments discounted al a markel rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instrumenls are subsequently carried at amortised cost, using the effective inlerest rate method. Trade creditors are obligations to pay ft)r goods or services that have been acquired in the ordinary course of operations from suppliers. Amounls payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Dere¢ognition of financial liabilities Financial liabililies are derecognised when the trust's ¢ontraGlual obligations expire or are discharged or cancelled.
PHOTOFUSION EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Critical accounting estimatss and judgements In the application of the trust's accounting policies, the trustees are required to make judgements, estimates and assumptions about the Garrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experients and other factors Ihat are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and fulure periods where the revision affects both current and future periods. Donations and legacies Unrestricted Restricted funds funds general 2024 Total Unrestricted funds 2024 2024 2023 Donations and gifts 2,027 3,000 5,027 87.417 Other income Restricted funds general 2024 Total 2023 Other income 397.000 Charitable activities Expenditure Expenditure 2024 2023 Share of support costs (see note 6} Share of governance costs (see note 6) 3.553 2.400 2,021 4,200 5,953 6,221 10-
PHOTOFUSION EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs Support Governance costs costs 2024 Support Governance costs costs 2023 Bank Charges Accountancy Subs¢riplions 221 1,800 221 1,800 3,420 126 3,420 126 Independent Examination Fee 2,400 2,400 4,200 4,200 3,553 2,400 5,953 2,021 4,200 6,221 Anatysed beeen Charitable activities 3.553 2,400 5.953 2,021 4,200 6,221 Anatysis of staff costs, Trustse Remuneration and Expenses The average monthly number of Truslees during the year was: 2024 Number 2023 Number During 2024 and 2023, no Trustees were paid or received any other benefits from employment with the charitable company. Also, no Trustees12023: £nil) were reimbursed. The Key management of the charitable company comprise the Trustees onty. The Trustees do not receive any remuneration for this role. There were no employees whose annual remuneration was more Ihan £60,000. Other Restricted funds general 2024 Total 2023 Building Work 380,385 Taxatlon The charity is exempt from tax on income and gains falling within section 505 oflhe Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that Ihese are applied lo it5 charitable objects. 11
PHOTOFUSION EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Debtors 2024 2023 Amounts falling due within one year: Amounts owed by subsidiary undertakings Prepayments and accrued income 21,912 11.667 87,100 33,579 87,100 11 Creditors: amounts falling due within one year 2024 2023 Trade creditors A¢cruals and deferred income 73.983 14.820 6,000 88.803 6,000 12 Restricted funds The income funds of the chartty indude restricted funds comprising the following unexpended balanS of donations and grants held on trust for spe¢ifiG purposes= Movement in funds In¢omlny resources Movement in funds Balan¢e at l April 2023 Incoming resources Resources Balance at expended 31 klar¢h 2024 Prize Fund Building Fund 3,000 397,000 3.000 16.615 (380,385) 400.000 (380.385) 19,615 Prize Fund This relates to a donation receoved in the year to fund the photogrpahic prize which was paid our after the year end (in May 2024). Building Fund This relales lo money received in the year from Lambeth Council towards the cost of CAT B works for PET'S new premises which were moved into in April 2024. 12-
PHOTOFUSION EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Analysis of net assets between funds Unrestricted Restricted funds funds 2024 2024 Total Unrestricted funds 2023 2024 Fund balances at 31 March 2024 are fepresenled Current assetsl(liabilities) 80.025 19,615 99.640 83.951 80.025 19,615 99,640 83,951 14 Operating lease commitments Al the reporting end date the trusl had outstanding commitments for fulure minimum lease payments under Don-CanlIable operating leases, whith fall due as follows.. 2024 2023 Wilhin one year Between two and five year5 In over five years 65,057 260,228 325,285 650,570 The operating lease represents a rental lease to a third paty. The lease is negotiated over 10 years with the rent amount being fixed for the first 3 years. The lease includes a provision for a yearly upward rent review from year 3 of the lease at a maximum cap of 4 %. A servsce charge for the fil$1 5 years has also been included. 15 Related party transactions At the year ended 31 March 2023, the wholty owned subsidiary, Photofvsion Ltd, made donations in the year to Photofusion EducRtional Trust, of£87,216, which was paid shortly after the year end. There was no donation made from Photofusion Ltd to Photofusion Educational Trust at the year end 31 March 2024. 16 Subsidiaries These are the financial trust financial slatements for Photofusion Educational Trust and do not encompass any group entities. Photofusion LTD, a company limited by guarantee under company number 02629158 is the wholly owned subsidiary of Pholofvsion Educational Trust. Separate financial statements are required by law. Consolidated financial statements for Photofusion Ltd and Photofusion Educational Trust are nol required as both entities qualify as small and are eligible for exemption. 13-