Company ntllnber: 2930528 Charjty nun)ber: 1038007 SALTMINE TRUST (a charitable eompany Ilndled by guarantee) Unaudlted Annual Report and Plnanclal Statements Year ended 31 March 2024 SALTMINE TRUST (A eharltable ¢ompany Ilmlted by gURrantee) INDEX Reference ond Admlnlstrallve Detalls Trustees. Report Independent Eximlner8 Report Srtatem¢nt of FknaDrJRI Aetlvlde8 Balonce Sheet Jo Notei to the FJn*nclAI Statementi 13 SALTMINE TRUST (a charltable eompany ItD)Ited by gu4raDtee) REF£RFNCE AND ADMINJSTRATIVE DETAtI3 COMPANY NUIllBER 2930528 (ReBisteted in ￿12[1d & Wales) CHJlRrrY NUMBER lo38￿7 (Rcgistued in Ensland & Wal¢y) HEADQUARTERS & REGigfERED OFFICE 61 Th¢ Bmadway Dudley West MidlBnds DYI 3BB TRU￿￿ES/DIRECfoRS Non Exeeutlve: D Pérkes (Ch&ir) L Che￿￿19n (Vicc Chair) A Conroy l M8rtln J Moore Ex¢¢utlve: None CHIEF EXECUTIVE OFFJCKR R OrTell COMPANY SECRETARY D Beasl¢y S Sarie4nl IIANKERS Barclay5 Bènk plc Dudley BrDn¢h POBDx9 Dudley Wesl Midlands DYI IPP CAF Bank 25 Kings Hill Avenue Kings Hill Wesl Mallln8 Kult ME194JQ SOLICITORS Nowell Meller Solictlors 24 Pla BursleJn Stoke on Tre￿1 ST6 4AX INDEPENDENT EXAMINERS M￿k Howell FCA Nicklin Ac¢ounlgn¢y Services Ltd Church Court Stourbridge Road Halesow¢n W&st Midlands B033 TRUSTEESI REPORT PRThCIPAL ACT￿￿1[&s The Saltsnine TNSI Board of Trnstees (the 'Board') present their Annual Report and the Finan¢ial Statemellts of tbe Charity for the year ended 31 March 2024 alld confim) that the Fiti&n¢iftl Statetnents ¢oniply with cuttent stalutory requirements, tbe Cbarlues Act 2011. A¢￿V￿ling and Rew)rtillg by Charities." Stalement of R￿Mmellded Practice applicable lo cbarities prep&rinE their accounts in accordaoce with the Financial Rwortillg Sthndard 102 applicHble in tlie UK and Republic of Ire1￿Ld, and th¢ Charity's 8overniog do¢umenL SaltmAne Tn￿1 (Ihe 'Charity') is a crealivc arts organisation with & vision to see 'a world in wbicb people are positively Iransforni¢d by ao encounler with Faith Motivated Ilrts.. The Charity's mission is lo be a c¢ntre of excellell¢e, teleasing> en]poweTin8, and quippillg au a8es through partnetships. projects, personal developmettl and creative inilialives. Its clwilable autis and Objectiv￿ are: > the advancement of the Christian faith, > the relief of povety, attd > the advancement of educ8tion. CHIEF EXEcirrIvE?S REPORT 2023 was an cxciling and inspiring year for us al Sgltmine Theatre Company. Wo traDsilioned through slaff changes, delivered perforn]8nces over difficult fthancial terrain, and our dynamic team of theatre makers brought our unlque produ¢lioD5 to schools, ¢hur¢hes, and orBanisalion5 all across the UK. Our values of innovation, servant-heartedness, transfonnalion, inclusiveness, and disti￿tIven￿ wnlinued lo guide usas we brought biblic41 $10ri¢9 And contemporary issuGs to life on $188¢. In all we ¢r¢4l¢d, we coulinually 80ught io fvlfil our charithble obje¢tives by.. tn8piring meaoingful cooversations and r¢fle¢tion Delivering high-quality perforniances and worksbops that engage and educate Addressing importanl so¢ietal issue5 with crealivity and sensitivity Fostering unity aDd collabor8tion within ¢omJnunities tAving a18slingJ poyitiv¢ impact on the lives of those we Our dedi¢ulion aod hard work reached 25,933 children 8cro&s 108 schools, our faiih-bBscd productions were perfonned to a total audicnce of18.549, And a legacy of hope and la81iog impact been left in the communiti￿ We Served. i the ¢ont¢xt of increased health iuequality. mental health difficulties and knife crime being prolific amouog our young people, we fo¢u5ed diligently on creating neiv sljows, Flliers. Blasi Offwid Woiiderland. We did another sell-out tour of Slvllch Up atid entered the realm ofpodcost Creation, laun¢hing our r￿st Pod¢ast serieJ foryoun8 people called Thrlve Offscylpl. All of thg5¢ inilialives welcomed new ¢onne¢tions and partnerships wilh 8g¢n¢ie8, fiind¢r8, organisalions and schools. We also completed a Vlrtual Reality prOj￿t comm155ioned by the West Midlands Potice, exploring and addressing knlfe crlme, gang cul4iire. sexual ￿p101¢0[10•t aNd coiinty Ilnu (Ihe grooming young people for drug lioff1ckli￿ whi¢h is to be launched WAthAn Westmidland se¢ondary schools in Seplember2024. This ability lo dlversify our offerin8 And seizc opportuoilies has fuelled our wotk intakn, attesting to the 8rowiJJ8 demalld for our services. Here ar¢ some of this year's highlights; We beBBll the llew fman¢ial year on all exciting nole with the S¢affordPasslon Play perfmored on Easter S&Mrday (8th April). Two perforniances were held for an audien¢¢ of3,000, each concludillg with the f￿￿1 scene at St Mary's Church, which was so impactfill it had io be repeated both limcs. A￿o[ding to the main coordinator in Stafford. 'The Stafford Passion Play 2023 h&8 been the greatest unifying event for local churches in at le45t two decades. Beyond that, it made a significant impact on th¢ wider community in the borough. Ai least six churches bosled follow-up cout5es for those seekiu8 more inforn)ation ufi¢r thc PO￿lOn Play. It has Iruly become a legacy event thal will be remembered for years to come" The Rhymlng Blble lour IA Primary Schools wtts exceptionally well-received. Il Allgn$ wltb RE currlculum requtrement$ and provides significant SUPPOTt lo schools. Itt May 2023 and Ma￿h 2024, we delivered 50 performanw and worksht)ps, rea¢hin8 ft total audience of 8,105. In the summer lern). we secured ￿ndIng to bring our'lYo#derland' Jnental health workshop to loGal secondary ￿h0o18. As a ¢￿alIve t¢8m. we compleled thental health r￿st aid training and attended TRUSTEES, REPORT conference focused on leenage wellbeinB as well. which ¢J)abled us ￿ enhance th¢ workshop with new insights.. We visiled 10 xcondary schools in total and one youth group. Onc student's feedback said it all.. "5 stars. I would give it rn0￿ if I could. I k[￿W I can use som¢ of die ¢ontsct numbers you Eav¢ us if l Deed help, thank you" In September 2023. we welcomed three new interns, and following all inlernally mn team conference. we began rehearslng for'siyilch Up, our play addressitjg knlfe and gaDg crkne. Tb¢ production toured tbroughoul October. delivering 24 perfonnanrKs and workshops to 4,186 secondary school students. West Midlallds Police praised the play, slaling, Swil¢lk Up, challenges the audieLce to reflccl oj thc consequcnre5 of cwing a knkfe. It is highly iewmmended for all young peA)pl¢ to stL.' In the aU￿rnn, we also launche4J a nNv primary school play• Blasl Off, focused on onllDe 88fety. To Complement the produ¢lion, we designed a hÈndoul ¢ard f¢aturing four key "space ¢odes"; l. Stay in the safe zone, 2. Prole¢t Yo1￿ identity, 3. Be kind, and 4. Call for help (If you ever feel Ivorried or scared). Blasi Olf loured in Ociober 2023 and February 2024, r¢achiog 6,173 school childrcn, Onc leacher sbarcd. "Pupils thoroughly e4ioyed the produclion. Ten days18l¢r, they're Still telliog me the four Tulcslll For Christm8s 2023, we produced a new show, Red Rldiiig Hood. while also touring A CArislnias Carol for tILe second year and Neverland for the third year. Aliogether, the t&qm perfomied 79 shows, r¢a¢hing a total audien¢¢ of13,646 people with key Bospel message8 and biblic&l vslues. In the N¢w Year, we bid farnivell to our long-standing Operalions Director and Cornpany Secretary* Davld Beasleyp as ho retired after 10 years of dedicated s¢rvirx. David was a tr¢m¢ndously gifted man And a twe blessing to our team. We are gralefvl to have welcornd Sara Sarje￿I as his replarKmenl, and sbe has ¥eamlessly taken on his respoDsibililies, ¢ontiDuing lo be a 8reai blessing to the leatn. In response to the challenges young people face with $o¢lal Jotdla, we cr￿ted Filters, our new SecondAry School play and workshop. It addresses Qrilical issucs such as sexual barAMmeDt, ¢on8ent, cyberbumylngi A], gnd pornography. In February 2024, we prcml¢r¢d the playi louring 22 secondary schools and reacbiti8 4,339 sludents. One teacher commented, "AD entertaining perforn]all¢¢ wilh hard-hitting m&8sage8 that are explained clearly, &llowin8 students lo Process aDd learn e￿￿tIVely. It's exactly what our young peopl¢ need--exposure to real-life sih]&lions and I￿OnS on Riow to kexp themselves safe.. We've18ullehed the fwst episod¢ of our new podrAsI, Thrlve Offscrlpi, featuring a series of Impacfful Ant¢rvlew$ Ivllh Insplratlonal Indlvlduali addresslng S¢Dsltlve18sue8 )Ylthln PSHE eurrl¢ulum8 and motlvAtlng yoiing people to 'lhrlvel Rclea$ed on 23rd May 2024 10 align with #knifeCrimeAWarcii¢￿we¢k, the inaugural ¢pisode, liil¢d"R¢flecling throu¥h tbe LeL8 of Our Anli-Knife Crime Production and Workshop Switch Up," received strong engagemenl. 118amered 100 views and 3.7 houts of watch iitne on YouTubo. 1,513 views on TikTok, and 3,513 vicws on Insta8rAm. Futujr episod will be rel¢ased while our SecoDd8ry S¢hool proje¢ts are on lour. Ivhile our School Preveatalive Education projecls remain highly popular. many schools ci)nlinue lo face budget conslralnis, requiring mucli of our effortS-¢specially ia secondary srhoolk-to be funded through granls that ive aolively seek. Addiliollally, as we have been unable lo Taisc our fees for churches and con]munilies in the ¢urr¢al fmanoial ¢limale, w¢ ar¢ eSp￿1311Y thankful for the fwaD¢ial support W¢ Tcttive fTom our generous donors. We've had a strong staff team this year and our commitmenl lo ex¢cl1¢n￿ has been tewarded with IIKI% posiliv¢ feedback. Ive remain committed to fostering a WOTkplace culture thht inspires coll&boration, ernpowers individuals, And cultiva1￿ tlie importance of diversity• equity and inclusion. Our faith conliaues io inspire us lo care for and value every hurnan beiJJ8 and so I want lo ￿presS n)yheartfell gr&tilude lo all our loyal And new supporters-individuals, trusts, Churches, attd busincssewwhose fmancial contributions i1￿ughOut die year are trnly iuvaluable aud etnpowering. As I wrap up my report, I am ren)ind¢d of the ill¢r￿1ng and evident need for our message 4nd expertise. Saltininc remain5 ideally posilioned lo deliver powerfvl perfornIanc￿ and workshops a¢ro&8 th¢ UK that ethicaie, inspire, and foster imp8cthIl wnYe￿IIon$, leaving a lasling imprassioll on people's liv¢s. l extend my deep&st gtalilude to the leadership, pa&8ion, and dvjicalion of our Board D)embers, staff tcam, voluTJleeT5, gnd all those Involved in our strong operational ¢x¢cuiion this year. TRUSTEES, REPORT FINANCIAL REVIEW The Road Ahead 2023 iDsights report from th¢ NCVO cl a loss of major donor8 results in InSu￿1¢1¢nI fmaD¢ial r¢sOW￿ for the Charity lo meet its obligAtions' pre&gure8 tn the external environment irnpa¢l ne82tively on iticorne streams. alld a national shortage of creAtive arts sthff leadinR lo incr￿eAl costs, ¢omp0w￿¢d by the cosl-of-IivAng ¢rl$ls and the continuing threat of a rec¢&sion. The Cliarity's strategy for miti£atinÉ these risks is to continue lo crea1¢ newpartnerships, iti¢rease opportunities for theatre in education, develop resourc￿ that r¢a¢h new 4udicn¢¢s, expand fundraising inilialives, and br03den its mMrkelin8 and comMuni￿tIOns strategy lo increase And diveTSify Sallmin¢'s support base. HEALTH & SAFETY AND SAFEGUARDING The Board revk¢w8 the Charity's policies and procedures for health & safety and safe8UArdin8 atmually to ensure thal appropriate itisttuclion. infornialtoo aftd safeguards are in place for staff, volunteers and the general public, Training is provided for new and exislin8 stsff aunuauy, iucluding 5ervA¢¢s provlded by a sp￿I&ll$t bealth & snfety consultant rethined by the Charity. Health & S&fW Risk Ass¢ssments are undertaken for all Sllitmine's theatrical productions i)nd thc a¢tivilies ¢arri¢d oul at its bcadquarters. The CharAty has an appointed Safcguardsng Officer. trdined to the required level, who is responsible for the irnplemenlalion of Ihe Safeguarding Poli¢y, for (he delivery of trgining to Staff and for liaising with host or88ni$ations as required. TRUSTEESJ RESPONSIBILrriES IN RELATION TO THE FJNANCIAL STATEMENTS The Trust￿S att responsible for preparing the Th]slees' Report and the Financial Stalements in accordance witli appIl￿ble law and regulations. Company law Tequires tho TTUStees to prepare Financial Statements for each fmancial year. UDd¢r thai law the T￿Ste¢S have elected to prepare the FIna￿la1 Statements in accordance with Unil¢d Kin8dom G¢nerally Accepted A¢wuntitJg Practice (United Kin8dom Ac£oullting Standards and applicable law). Under company law the Trustees musl not approv¢ the FinaneiBI Statements unle&8 thcy arc ￿tisfIed that they gi￿ a iru¢ and fair view of ihe State of 8ff&trs of the ChaTity nd of the income 8nd cAp￿d1th of the Clwity for that pcriod. In PWfyaTing these Financial Sthtem¢nts, the Tntstees e requsred to.. TRUSTEES? REPORT select suitsble accounliDg policies and th¢n apply them consistently. rnak¢ judgments and accounting estimates that are reasonable and prudenl. stat¢ whether applicable UK Accounting StandaTds have been followed. subject to any Material departur&s disc105ed and explained in the fmauGial stalemeDts' and prepare the fmancial statements on the going concern basis unless it is inappropriate lo presume tllat Ihe Charity will continue in business. The Tnjslees respoDsible forkeeping adequale accounting records that are sufficicnl to show and explain th¢ Charity's transaclion$, dis¢lo.8e with reasonable a¢¢uracy At any lithe the fuTrancial position of the Charity, and cllable th¢m to ensure Ihat the f￿￿cIal sfAlemenls comply ivith the Compatties Act 2006. They are also responsible for safeguarding the &￿ts, of the Charity and hence for thking reasonable steps for the prevention and delection of fraud and other irregularities, and for ¢nsuring thai the isseLs ar¢ propeJly &pplied in 8ccordw)ce with cbarity law. INDEPENDENT EXAMllYEIIS Nicktin Accounl&n¢y Services Ltd were Appointed as Salimine's Arxounlallt and Independenl Examinors for the fmattcffial year 2023124 ai the Anllual General Meeting held on 29th Seplembcr 2023. On behalf of tlie Board, Daniel Parku (CbBir) 2024 INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF SALTMINE TRUST llldependent Ex8mlner's report to the Iru$tee5 of SAltmlne Trust ('the CompBny') I r¢port lo the chaTity INslees OD D]y cxaminatson of th¢ accounts of the Compaay for th¢ y¢ar ended 31 March 2024. RespoD$lbllltle8 Alld bA$ls of report As the ¢hariVs tTUSlee5 of the Company {aDd also its dirwlors for th¢ p￿￿OSeS of company law) you are rasponsible for the preparauon of the accounts in accordance with the rquiren]ents of the Companies Ael 2006 ('the 2006 Acv). Having ￿tisfIed myself that the accounts of the Company ar¢ nol r¢quired to be audiied under Part 16 of the 2006 Acl and are eligible for indcpend¢nl examinaiion, I report in rwi of my examination of your charity's accounts as catTied out und¢r se¢tson 145 of the Charities Act 2011 (Ih¢ 2011 Act). In caryin8 Out my examinalion I have followed the Directions given by ihe Charity Commission under secllon l45(5) (b) of the 2011 Aot. Independent Examther's 8talement Siuce your chaTiWs gr055 illcome exceeded £250,000 your Exatllinermusl be a member of a lisied body. l can Ibal l am qualified to undertake the examination be¢ause l am a registered member of ICAEW whi¢li is one of tli¢ listed bodi&s. I have completed my examination. I confum that no matters have come to my attention in connection with the examin81ion 8ivin8 m¢ ￿use lo beli¢v¢: ac¢ounlin8 reco￿8 were noi kept in r¢5pccI of the Company as required by section 386 of thc 2006 A¢L or ie accoun18 do not ac￿rd with those records. or the accounts do not comply with the a¢counlin8 TequiremenL8 of section 396 of Ihe 2(YJ6 Act other than any requirement thal tlie accounts 8iYe a tTue and fair view wknch is not a toatt¢r ¢onsidered as part of an indepcndenl examination. or thc accounts liave not been prepared ill accordance with the M¢th￿l$ and prinLiples of the Sta£emen¢ of Re¢ommended Praclice for accountin8 and reporting by charilies (appli¢oble to charilies preparing dieir accounts in accordance with Ihe financial ReportinB Standard 8ppli¢abl¢ in th¢ UK and Republic of Ireland (fRS102)). J have no concerns and have Come across llo other matters in conne¢tion with the exgminalion to wlucli att¢lllion should be dt2wn in this report ill order lo enabl¢ a proper underslandin8 of the accounts to be reached. owell FCA Nicklin Accountancy Services Lid Chutch Court Slowbrid8¢ Road Halesowen Wc8t Midlands B63 3TT Datc: SALTMDIE TRUST (A eharAtable eompally IAmlted by guArantee) STATEMENT OF FINANCIAL ACTIVITIES (incorpoTatiDg ao illcome ¥nd expendlture ie¢outtt) For Ibe ytar ¢nded 31 March 2024 Unrestrleted Rejtritted funds funds 2024 2(124 Total Unreslri¢ted Restricted Futsds luods fvnds 2024 2023 2023 Total Funds 2023 Noles INCOME Dottntloxs & legaeles.. Mini8try receipts General perso1￿1 Support Cliarflable ficrfvliles.. Tickets and fees Sponsorship 113,134 339,506 113.134 422,34S 82,622 317,162 82,622 421.865 82,839 104,703 43,666 5,646 43,666 5,646 80,144 3,134 80,144 3,134 Inveslmenl iii¢ome.' Inlerest receivabEe Reiit receivable 1,505 10,000 1,505 10,000 402 8,090 402 8,090 Olher incoille.. TOTAL llWCOME Sl3,458 82,839 596,297 491,554 104,703 596,257 EXPENDITURE Cost of generatin8 fjjnds Charitable a¢livitie8 Governance costs 32,270 487,496 3,800 32,270 565,453 3,800 20,114 463,988 4,200 20,114 601,794 4,200 77,957 137,806 TOTAL EXPENDITURE 523,$66 77,957 601,S23 488,302 137,806 626,108 NET INCOME (10,108) 4,882 (5,226) 3,252 (33,103) (29,851) NET MOVEMENT IN FUNDS (10,108) 4,882 (5,226) 3,252 (33,103) (29,851) FtrND BALANCES AT BEGINNING OF YEAR 501,779 13,500 515,279 498,527 46,603 545,130 FUND BALANCES AT END OF YEAR 15 491,671 18,382 SIO,053 501.779 13,500 515.279 The ChNrity'$ Inco￿t expenditur¢ all Trlate to CODtitiuing operations. All suq)luse8 alld doficits iecognised io thc year are included in th¢ Statement of Financial A¢livities. The notes on PAges 10 to 16 fonn part of these fmanclal $latement8. THE SALTM]F4E TRUST (a ebarltable Company ]Jmlt¢d by gu#raDte¢) NOTES TO THE CASH FLOW STATEMENT As at 31 Mareh 2024 Company number: 2930528 Noles 2024 2023 FJXED ASSETS Tangible assets io 284,292 288,980 284,292 288,980 CURRENT ASSETS Siook Debior8 BaDk and c4sh 12 56,199 188,462 87,2JO 167,079 244,661 254,289 CREDITORS- AMOUNTS FALLTh'G DUE AFTER ONE YEAR 13 (18,900) (27,990) NET CURRENT ASSETS 225,711 226,299 NET ASSETS 14 510,033 512.279 FUNDS Unrestricted income funds Reslri¢t¢d kn¢orn¢ fund8 15 16 491,671 18,382 501,779 13,500 510,053 515,279 ror thc Ye￿ ending 31 March 2024 the compaDy Was eDlilled to excu)plion from audit ullder seclion 477 0( the Compaoies Aei 2006 relatin8 to Small companies. The Jnembers have not required the company to obtain an audit of its accounts for the year in question in accordance wilh section 476; the Dircctor8 acknowledge their K8ponsibilitie8 for complying with the requiremenlg of the Act with lesp￿t lo accounlillg records and the preparalion of accounts. These fm&nci81 st4temenls have been prepared in accoTdance with the Special provisions relatins to companies subject lo the sn)all companies regime within Port 15 of the Companies Act 2006 and in accordanc¢ with the Stal¢ment of Recommended Praclice applicable lo chorities prep￿In8 thcir accouDls in accordanc¢ with the Finao¢ial Reporting StAndard applicable in the UK and Republic of Jreland (FRS 102). Approved by the Board and authoris￿ for issue on 20 September 2024, and signed on its behalf by: Daniel Parke Chair io THE SALTMINE TRUST (a eharlknbje eothpAny Ilmlled by guoranlee) liOTES TO THE CASH FLOW STATEMENT As al 31 March 2024 Company number: 2930528 Notes 2024 2023 Cash flows from operAtlng aetlvltles: Nel cash (used inyprovided by opernting activilies 25,904 (91,976) Caih flow8 from Investlllg a¢tvlde¥: Purchase of property, plant and equipment (4,521) (3,275) Net eAib (used lll)Iprovlded by InvesdDE hedvlde$ {4,52J) (3,275) Cashllow movement 21,383 {95,251) Change In eaah and caBh equlvaléftts Ill the reportlng p¢rlod 21,383 (95,251) Cagh ind cash equlvalents at the be8innlng of the reporling perlod 167,079 262,330 Cash and eAih equlYalen¢$ Al tht end of the repordng p¢rlod 188,462 167,079 THE SALTMINE TRUST (a charltable company ]indted by guarAntee) NOTES TO THE CASH FLOW STATEMENT A8 at 31 M8r¢h 2024 Company number: 2930528 l. Rt¢onclllatlon ol ntt IDcome (eipendlture) to net Cagh flow from oper8tln8 actlvltles 2024 2023 Net {exp¢ndtture)lin¢ome for th¢ y¢ar (5.226) (29,851) Adjustments for.. Depre¢iatioll ¢hhrB&8 Lo￿{profIt} on Salt of r￿ed assets DeKreaseJ(increase) in stock (Increaseydexr¢as¢ in debtor3 IDecreaso)lincrease io creditors 9,208 12,901 714 3,572 (79,083) 229 31.011 Net cash (used in)Iprovided by opernlitig a¢livAlies 2. Analy811 of ¢98h and caJh tqulYalellt8 2024 2023 Battk and cas 188 462 167 079 3. AnAlysls of chan8e$ In nel Ibnd8 Al l April 2023 Cashflows Ai 31 March 2024 Bank cash 167 079 188 462 12 SALTl¥flNE TRUST (a ¢harltable Company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS For tbe year ended 31 March 2024 ACCOUNTING POLICILS BA918 of preparatlon The fmancial stat¢ments have been prepared ill accordance with AccouDling and Reporting by Charities: Statement of Recommended Praclice applicable to ¢harilies preparillg thelr awunis in accordance ivith the Flnancial Reporting Siandard 8ppli¢able io the UK aDd Republic of Ireland (FRS102) - (Chllriti￿ SORP (FRS102)), Se¢lion IA of Ibe Financial Rcponing Standard applicable in the UK aDd Republic of Ir¢lJnd (FRS102) and the Companies A¢t 2006. There wer¢ no malctial changes as a r¢sull of tran$ilton to the Charities SORP 2019 and the updAted FRS 102 from l April 2019. Saltsnin¢ Tnisi meels the definition of a public benefil¢ntily underFRS102. A&sels liabilities are initially T￿ogniSed at historical cost or transaction value unless otherwise slated iti the rel¢vant ￿OUnti]Is poIi¢y note{s). These FinanBial Slalements are prepared under the historical cosl conventioo. Colng eoncern The trustees ¢oJJtinu¢ to monitor fmancial perfomiance closely. Cashnoiy fOreC￿tS are prepared ond reviowed by the Executive on a monthly b88is, who also continue to ensure tight fm&ncial controls are in place and implemenled. The Exe¢uliv¢ are 81so CODlinuing to thrgel grnnt-making Irusls and develop new pArtne￿IpS lo strengthen Saltrnine's f￿ancial viability and broaden 118 eustorner basc. After considering the year-tttd f￿ancIal posilion and reviewing the mqiorrisks facing thcChaTity, the trustees are of theview that there are w￿l¢lent resources and plans inplace lo secuT¢ the immediate future of Saltmine for thc next 12 10 18 months. On this b￿18. th¢ truste¢s Coi￿lder il appropriale to prepare these Fillan¢ial Sialemenls on the goin£ concern basis. Income All income is iocluded in Ibe Statemen¢ of Financial Activities wben the company is legally ¢ntilled to Ihe income and the amoutti ¢att be qu8nlifi¢d wilh reasonable accuracy. For legacies, enlillemenl is the earliut of the company beiD8 notified of an impendin8 distribution or thc Icgicy being received. Donaled facilities are included at the value io the ci)mpJny wh¢re this can be quantified and a third party is bcazing the cosl. No 8mounls are included in ihe financial 8talements for services donated by volunleers. Income lax rewvernble in relation to donalions received Ullder Gift Aid or deeds of ¢ovenaTrt is reco8nised ai the tirne of Teceipi. oiher tnwme 1$ recogtiised when receivable. Government Gront llleome Granls have been received as compensation for ¢o$ts already incurred or for immaiale fwancial support, with no fvture related costs. these have been re¢ogni8ed as income in the P¢Tiod they were ￿e1ved. xpendlture Expenditure is Includ￿ on an N￿r￿alS basis, when intuffed. Charitable Activities- these are stsffcosts plus otherpur¢has¢s ofmaterials and 5crYires which relate direcity lo the p￿viSion of the charitable activitics. Support Costs- these are COSLS inGufftd directly in 8UPPOrt of th¢ ¢harAiablo activities. GOVern8n￿- these are costs incurred in coJme¢tson with administration of the Charity olld compliance wilh constimlional and statutory iequir¢ments. 13 SALTMINE TRusf (a charitlble coJnpaDy limit￿ by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 Mareh 2024 ACCOUNTING POLICIES (CONTINUED) Fund Accowidng Gener81 (Unrestsicted) fimds 8r¢ used ¢0 support the Charity's objeclives. Restrict¢d fujjds ar¢ those whi¢h have raised by the Charily for specific pro8ratnmes and proje¢ls. Flxed assets and depreclatlon It¢m8 of a capital nature costing over £51X) are capitalised. Deprecialion is calculated lo ￿11¢ oif the cost less ¢81imated re9idual volue of r￿ed assets on a slraight-llne bAsis over the individual oMim8ted useful IAv¢s al the ral&8 shown in Note 10. Freehold buildings are depre¢ialed to writo down thc cost less estimated resithial value over fhe Teniainin8 useful life by equal anknual illslalments. IAnd 1$ not depre¢ialed. Operatlng leasei R¢lltals payable are ch8r8ed on a time basis over the lease tern). Peniloll co$t8 and other post-retlreDient beneflt8 Contributions payable to the Clwity's def￿¢1 contribution pensioo scheme are ch￿Bed (o Ihe Sialement of Financial Activiti￿ ill the period lo which they relat¢. Company status Tlie Charity is a wmpany limitol by 8uaraiitce. The mcmber5 of the Charity aTC the INstees named on pase l. In the event of the Charity bein8 wound up, th¢ liability in respect of the guarantee is liti)ited to £10 per ember of the Charity. Flllan¢lal lllstruments The Charity only financial asse15 and ruw￿1￿] liabilities of a kitid that qualify as basic fm&ncial instruments. B881¢ fin8ncial inSt￿l￿ents fjre iDiliaUy rKognis¢d at tr￿lS&¢I10￿ value and subsequcnily measured at their settlemcnt value. JudgmeDl8 LD applylng accouDrfng pollel¢$ and key 80ur¢es of ¢stlrnallon un¢er(4lllty The charity makes estimates and assumptions concerning the fU￿re. Tbe eslimales and assumptions hav¢ material impact on the carrying amounts of asset$ and liabiliti¢S wilbin Ihe accounts. COST OF RAISING FUNDS UDre3trl¢l¢d Re51rlcled funds funds 2024 Total 2023 Tolal Publi¢ity, 8dvertlsing & fimd-rnising costs 32,270 32,270 20,114 32,270 32,270 20,114 14 SALTMINE TRUST (a ¢barltable company lijnited by guarantee) NOTES TO THE FllyANCIAL STATEMENTS For the year ellded 31 Mareh 2024 CHARITABLE ACTIVITIES 2024 Tolal 2023 Total Aclivity direclly undertakell Support costs (Note 4) 565,453 601.794 565,453 601.794 SUPPORT AND GOVERNANCE COSTS 2024 TtstAI 2023 Total siaff costs (Noté 7) Establishment costs 473,623 91,830 494,917 106,877 Total Support costs 565,453 601,794 Governan¢4 ￿sts (Not¢ 5) 3,800 4.200 Total 569,253 605,994 Estibllllullent Cost 2024 Total 202J Total Office Ove￿e￿￿¥ Jnsur8QC¢ 33,250 7,548 2,407 10,920 20,160 6,858 9,208 983 496 35,907 7,087 2,399 10,920 21,076 11,J38 12,901 862 4,587 Rent Molor and travel cos(8 Production cos18 Depr￿JatiOn EJaDk ¢har8es Other Totsl 9J,831 106,877 S. GOVERNANCE COSTS Unregtrleted funds Restrlcted funds 2024 To¢01 2023 Total Independent Exan)inalion fec 2,500 2,500 1,800 A￿ountanCY Other iaoo 1,300 2,400 3,800 3,800 4,200 15 SALTMINE TRUST (a ehArAtable company Itjnited by guarantee) NOTES TO THE FINAf4CLIL STATEMENTS For the year ended 31 March 2024 IYKT MOVEMENT IN FUNDS 2024 2023 The net nioYemen¢ th fullds Is after ebgrglng: Staff cosls (Note 7) Depr¢oialion on owned tsngible assets Operating leases Governance ¢osts (Noie 5) 473,621 9,208 1,312 3,800 494,917 12,901 1,312 4,200 STAFF COSTS 2024 2023 staff eogt8, Includlug dlreetori. emolum¢nt¥: Wases Social security costs PollsioD ¢osIs Freelan¢4 stsff fees Training & other co$ls 374,752 20,272 14,514 61,545 2,540 348,375 26,726 13,207 100,753 5,856 473,623 494,917 Hi8besl paid employee (CEO) (¢x¢luding pension contributions) 39,999 43,537 No employee Tcceived rcmunernlion of £60,000 or more during the year. Th¢ 8v¢rag¢ number of •¢aff durlng the year, ¢Altulated OD the baili of full-tlmt equlvalents, was AS follow4: 2024 Number 2023 Numb¢r Senior MÉtta£emeot AdministrationlOtfic¢lMarketin8 Charitable Operation5 (etnployrxs) Charilable Operations (freelance 51aff) 13.7 15.0 The key managemenl personnel employed by the chaTily wmprises of the Chief Exccutivc olf1￿{ #nd the Operations Di￿lor/coMpanY Secrelary. Their tolal remuneration was £64,560.04 (2023: £83,050). The averJge total numberof full time and part time stsff (en)ployees and fr¢elan¢e stsil) during the year was 22.5 (2023: 24). TRUSTEES, REMUNERATtON No truste￿ Teceived remuneration or expenses payments during the year. TAXATION The chAritsble company is exernpt from cojpordlion lax on ils cb8Tilable &¢tiviti¢s. 16 SALTMINE TRUST (8 charlt&ble con)pany ilmlted by guarantee) OTES TO THE FINANCIAL STATEMENTS For tbe yeAr ended 31 Mareh 2024 FIXED ASSETS Frtehold 18nd and bullding8 Pl8nt and Equipment Motor vehieles Total COST At l April 2023 Additions Disposals 345.000 108,120 4,521 (18.190) 52,916 506,036 4,521 (18,190) At 31 March 2024 34S,000 94,4SI 52,916 492,367 DEPRECIATION At l April 2023 Disposals Charge for year 66.700 97,440 (18,190) 4,608 52,916 217.056 (18,190) 9,208 At 31 March 2024 71,300 83,858 52,916 208,074 NET BOOK VALUE At 31 kfarch 2024 273,700 10,S92 (0.02) 284,292 At 31 March 2023 278,300 10,680 288,980 DeprecialioD rale 2Yo SL 25/oSL 25Yo SL Aoupdaled market valu&ti(rn of £500,000 for Salti￿10¢.8 h￿dquarterS w&$ obtained from Paul Ja¢k8OD FRICS ill Au8ust 2022. 11 STOCK 2024 2023 Book8, rnedi8. leafiets & clothillg 12 DEBTORS 2024 2023 Trade debtors Pr¢p&ym¢nts CJRS Grant P&yment8 Other debtors 5,296 8,131 35,976 6,295 42,772 44.939 56,199 87,210 17 SALTMINE TRUST (a ¢harltable compony limlted by guArantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 Mar¢h 2024 13 CREDITORS - AMOUNTS FALLINC DiIE WITHll¥ ofqE YEAR 2024 2023 Trade ¢reditors Other t&Kalioll & social Security Accwals Other Greditors Other loans 6J95 6,775 5,278 452 8,787 13,938 5.265 18,900 27,990 14 CREDITORS- AMOUNTS FALLENG DUE AFTER ONE YEAR 2024 2023 Other loans 15 ANALYSIS OF NET ASSETS BETWEEN FUNDS Flxed N¢t C￿rrent ter 4$$ets $tt8 Ilabllltles Nel A$8ets Restricted funds Unrestriclcd funds 18,381 207,379 18,382 491,671 284,292 284,292 225,760 510,OS3 16 RESTRICTED FiThDS Total Ineome: Donation8 3Dd SponyoT5hip 82,839 Ezpendlture: Charitable cxpenditure 77,957 Net Income 4,882 Balances at beginning of year 13,500 Balance Bt cad of year 18,382 Thc opeJ)iDg bAlance of £13,500 wnsisled of reslricted grants and dona1ionsr￿¢IYCd in the prior yearr¢laled to aclivitiets c8rried out in 2023124. At the end of the year, after expenditure of restricted income is taken in¢0 account, £18,382 is ¢atTied forward kn 2024125. 18 SALTMINE TRUST (a charltable company15miled by guar4n¢ee) NOTES TO THE FINANCIAL STATEMENTS For tb¢ year ellded 31 Mlrch 2024 17 PEf4SION COMMITMENTS The Charity operales a defjlled contribution pcn5ion scheme. The assets of the scbetne are held separalely from those of the charity in an independently administered fuad, The pension cosl represents contribulions payRbl¢ by the oharity lo the fund and amoun¢ed lo £J4,514 (2023: £13207). J8 OTHER FINANCIAL COMMITMENTS At 31 M3r¢h 2024, the charity was ¢ommitted lo making thc following minimufft pa)In¢nts under non- cancellable operaling leascs: 2024 2023 Lalld & buildings Lfind & bulldln21 Olher Other OperatlDE leases wbl¢h ¢xpSre Withio one year Within 2 to 5 years 2,862 4,294 2,862 4,294 19 RELATED PARTY TRANSACTIONS Tbere were no relaied party tronsa¢tioDs during th¢ year or th¢ prior year. 20 FOST BALANCE SHEET EVENTS HMRC are due to complet¢ thc proc¢&8ing of Saltmine's Theatre Tax Relief reclaim for 2023-24 in Ihe Autumniwinter of 2024. the income from the claim for the reportin8 period iy expectcd18tcr in 2024-25 (see not¢ 12 - Oth¢r Debtors). 19