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2024-03-31-accounts

Charity Registration Number: 1053492 Company Registration Number: 02580953

Cinderford Artspace Unaudited Financial Statements 31 March 2024

CURRENT ACCOUNTANCY LTD

19a Singleton Court Business Park Wonastow Road Industrial Estate (West) Monmouth NP25 5JA

Cinderford Artspace Contents Year Ended 31 March 2024

Page
Trustees’ annual report (incorporating the director's report) 1-4
Independent examiner's report to the trustees 5
Statement of financial activities 6
Statement of financial position 7
Statement of cash flows 8
Notes to the financial statements 9-21

Cinderford Artspace Trustees’ Annual Report (incorporating the director's report) Year Ended 31 March 2024

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2024.

Reference and administrative details

Registered charity name Cinderford Artspace
Charity registration number 1053492
Company registration number 2580953
Principal office and registered office The New Mercury
3 Woodside Street
Cinderford
Gloucestershire
GL14 2NL
The trustees Karen Lander - Chair
Keith Simmonds - Vice Chair
Barbara Millman
Christine Waygood
Mary Mahon
Sue Haverley
Company secretary Lynda Jones
Independent examiner Current Accountancy Ltd
19a Singleton Court Business Park
Wonastow Road Industrial Estate (West)
Monmouth
NP25 5JA

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Management Committee meets quarterly and is responsible for ensuring that the organisation acts in accordance with its charitable objectives and Memorandum and Articles of Association, overseeing the budget and finances and appointing core staff.

The day to day running of the organisation is managed by the core staff team, currently comprising of 9 part time employees.

Reserves Policy: It is the policy of the Charity to work towards maintaining unrestricted reserves equivalent to three months operating costs, sufficient to cover core staff salaries and overheads. This is currently taken to be £55,000.

1

Cinderford Artspace Trustees’ Annual Report (incorporating the director's report) (continued) Year Ended 31 March 2024

OBJECTIVES AND ACTIVITIES

Charitable objectives

Cinderford Artspace is an educational charity. The objects of the charity as set out in the Memorandum of Association are: 'to help and educate people through leisure and recreational activities and in particular through the promotion of the arts, in the interests of social welfare and with the object of improving the conditions of life of the persons for whom these facilities are provided'.

Significant activities

The charity owns and manages the New Mercury building as a community arts resource centre for the Forest of Dean. It provides a programme of adult education classes both in the centre and in outreach venues during the day time and operates as a Youth Arts Centre during evenings and school holidays. It also provides an extensive programme of outreach work for all ages, for example, children and young people in schools and older people in residential care. It specialises in circus and performance, together with visual art activities including ceramics, printmaking, painting, drawing and textiles. It operates in partnership with other voluntary/arts organisations and offers resources including workshop space and equipment as well as practitioners, for rent or hire, to the community.

The organisation developed a programme of popular online, ‘Distance Learning’ courses during the Coronavirus pandemic. Having reopened our venue in the year 2021-22, we have reinstated much of our face to face provision but have continued to offer some online courses where they have been popular.

ACHIEVEMENTS AND PERFORMANCE

Key achievements during the year include:

mindSCAPE expanded programme : mindSCAPE, our programme for people with dementia and their carers to access art and nature, continued in 2023-24. We relocated from our regular venue in Soudley to the Westdean Centre in Bream, added 24 additional sessions with a new group in Cinderford funded by the NHS, as well as continuing the monthly sessions at the Harvey Centre in Minsterworth. Amongst a wide ranging programme of activities, mindSCAPE hosted a touring performance of a play called The Farmer and The Clown, a story about intergenerational friendships, with Bream Church of England Primary School, cementing links between the school and the group’s new home in the Westdean Centre.

Arts on Prescription: Artspace is part of the Gloucestershire Creative Health Consortium working with the NHS Gloucestershire Integrated Care Board and Gloucestershire Hospital Foundation Trust to co-produce an ‘Arts on Prescription’ offer. Our two arts on prescription strands are Xpres, for children with long term health conditions, and Journeys, our programme to support young people with anxiety and low level mental health issues. In 23-24 there were 10 Xpres sessions supporting approx 30 children and young people. In addition we trained 4 former Xpres students as buddies. Across the Journeys programme we ran 13 courses, supporting 124 children and young people across the county, with additional 1to1s at the New Mercury and commissioned scoping work to expand the programme county-wide.

Lot 5: This programme is funded from Adult Education Gloucestershire to enable participants to build a programme of learning to meet a need identified in our local community. This year, to support local wellbeing, confidence and performance skills, we ran community choir sessions leading up to performances at Coleford Music Festival and the Artspace Homegrown Showcase. 10 learners participated in the course, working towards performances with other community choir members in July 2024 .

2

Cinderford Artspace Trustees’ Annual Report (incorporating the director's report) (continued) Year Ended 31 March 2024

Multiply: Gloucestershire County Council have asked Artspace to develop art workshops with embedded maths content as part of the national 'Multiply' fund which aims to boost number confidence in over 19s who do not hold a level 2 maths qualification (GCSE C or above). This year ran both outreach courses and in-house courses over a wide range of artforms, exceeding our 96 learner annual target and partnering with organisations such as Two Rivers Housing to deliver bespoke courses to learners in the Forest of Dean.

Arts Awards: Continuing the work from last year, Artspace supported 12 young people to achieve Discover and Explore Arts Award accredited qualifications, and supported two young people to begin Silver Arts Awards.

FINANCIAL REVIEW

Principal funding sources: Artspace has been an Arts Council England National Portfolio Organisation (NPO) since 2011 and was one of Arts Council England’s Regularly Funded Organisations prior to that. The round of funding extended by the pandemic came to an end in March 2023, and the new round of Arts Council England NPO funding commenced in April 2023 and runs until March 2026. Artspace’s Adult Education programme is delivered through a Service Framework Agreement with Adult Education Gloucestershire; the contract ends July 2023 but the funding agreement runs until 2026. The organisation has a small Service Level Agreement with the Forest of Dean District Council.

Each year the charity aims to achieve a sustainable spread of income streams. Earned income in 2023-24 was 60.9%. The 4 percentage point decrease on the previous year followed a significant increase in 2022-23 compared to 2021-22. We saw a small drop in the total earned income compared to 2022-23 but a large increase in project grant income in 2023-24 compared to the previous year, and a lower overall income approximately equal to the significant donation that Artspace received in 2022-23. Arts Council England NPO funding contributed 11.8% with the Forest of Dean Service Level Agreement bringing Arts Council and local authority combined funding to 14.4% of income. Contributed funding from specific project grants increased to 23.5% - primarily due to income from the Multiply programme. Donations decreased from 5.6% to just 0.4%, owing to the significant legacy donation that was left to us in the 2022-23 period.

Overall the income of the organisation decreased by 5.2% on the previous year: however this was significantly due to the aforementioned donation and significant designated funds brought forward in the 2022-23 period.

Risk Management

The staff management team, in consultation with the trustees, regularly prepares a three year business plan which considers both opportunities and risks and sets out current strategic goals, annual work plans and budgets. This is reviewed and updated annually.

PLANS FOR FUTURE PERIODS

Cinderford Artspace will maintain its core programme and continue to develop its work with people facing barriers to participation. In response to commissioners and local needs, the organisation will also continue to prioritise the development of creative programmes which achieve specific health and well-being outcomes.

3

Cinderford Artspace Trustees’ Annual Report (incorporating the director's report) (continued) Year Ended 31 March 2024

RESPONSIBILITIES OF THE TRUSTEES

The trustees (who are also the directors of Cinderford Artspace [a Company Limited by Guarantee] for the purposes of company law) are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

INDEPENDENT EXAMINER

Current Accountancy Ltd has been appointed as independent examiner for the ensuing year.

The trustees’ annual report and the strategic report were approved on 19th November 2024 and signed on behalf of the board of trustees by:

Karen Lander - Chair

4

Cinderford Artspace Independent Examiner's Report to the Trustees of Cinderford Artspace Year Ended 31 March 2024

I report to the trustees on my examination of the financial statements of Cinderford Artspace ('the charity') for the year ended 31 March 2024.

Responsibilities and basis of report

As the charity trustees of the company you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2006 (’the 2006 Act’).

As the CIO's gross income exceeds £250,000 the independent examination must be completed by a member of a listed body. I can confirm that I am qualified to undertake the examination as a member of the Association of Accounting Technicians, which is one of the listed bodies.

I report in respect of my examination of the CIO's accounts carried out under section 145 of the Act. In carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. Accounting records were not kept as required by section 130 of the Act; or

  2. The accounts do not accord with those records.

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 to enable a proper understanding of the accounts to be reached.

Current Accountancy Limited

Independent Examiner

19a Singleton Court Business Park Wonastow Road Industrial Estate (West) Monmouth NP25 5JA

6th November 2024

5

Cinderford Artspace

Statement of Financial Activities (including income and expenditure account) Year Ended 31 March 2024

----- Start of picture text -----
2024 2023
Unrestricted Restricted
Note Funds Funds Total Funds Total Funds
£ £ £ £
Income and endowments
Donations and legacies 5 62,867 - 62,867 79,897
Charitable activities 6 53,058 241,221 294,279 366,313
Other trading activities 7 914 - 914 1,258
Investment income 8 2,192 - 2,192 630
Total income 119,031 241,221 360,252 448,098
Expenditure
Expenditure on charitable activities 9-10 141,473 213,521 354,994 342,833
Other expenditure (inc. depreciation) 11 11,025 - 11,025 10,701
Total expenditure 152,498 213,521 366,019 353,534
Net income and net movement in funds (33,467) 27,700 (5,767) 94,564
Reconciliation of funds
Total funds brought forward 482,000 32,830 514,830 420,267
Transfers between funds (6,365) 6,365 - -
Total funds carried forward 442,168 66,895 509,063 514,830
----- End of picture text -----

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 13 to 20 form part of these financial statements

6

Cinderford Artspace Statement of Financial Position Year Ended 31 March 2024

Note
Fixed assets
Tangible assets
16
Current assets
Stocks
17
Debtors
18
Cash at bank and in hand		 2024
2023
£
£
370,638
379,850
1,250
1,250
19,088
-
203,497
179,642
Creditors: amounts falling due within one year
19		 223,835
180,892
72,910
23,411
Net current assets 150,925
157,481
Total assets less current liabilities
Creditors: amounts falling due after more than one year
20		 521,563
537,331
12,500
22,500
Net assets 509,063
514,831
Funds of the charity
Restricted funds
Unrestricted funds		 66,895
32,830
442,168
482,000
Total charity funds 509,063
514,830

For the year ending 31 December 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

These financial statements were approved by the board of trustees and authorised for issue on 19th November 2024 and are signed on behalf of the board by:

Karen Lander - Chair

The notes on pages 13 to 20 form part of these financial statements

7

Cinderford Artspace Statement of Cash Flows Year Ended 31 March 2024

----- Start of picture text -----
2024 2023
£ £
Cash flows from operating activities
Net income / (expenditure) (5,767) 94,564
Adjustments for:
Depreciation of tangible fixed assets 11,025 10,700
Other interest receivable and similar income (2,192) (630)
Interest payable and similar charges 743 950
Accrued income / expenses - (1,686)
Changes in:
Trade and other debtors (19,088) 2,177
Trade and other creditors 49,499 (65,160)
Cash generated from operating activities 34,220 40,915
Net cash from operating activities 34,220 40,915
Cash flows from investing activities
Purchase of tangible assets (1,813) (1,755)
Other interest receivable and similar income 2,192 630
Net cash from investing activities 379 (1,125)
Cash flows from financing activities
Repayments of borrowings (10,000) (10,000)
Interest payable and similar charges (743) (950)
Net cash used in financing activities (10,743) (10,950)
Net increase / (decrease) in cash and cash equivalents 23,856 28,840
Cash and cash equivalents at beginning of year 179,641 150,801
Net increase / (decrease) in cash and cash equivalents 23,856 28,840
Cash and cash equivalents at end of year 203,497 179,641
----- End of picture text -----

8

Cinderford Artspace Notes to the Financial Statements Year Ended 31 March 2024

1 General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is The New Mercury, 3 Woodside Street, Cinderford, Gloucestershire, GL14 2NL.

2 Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

3 Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over it's estimated useful life:-

Freehold property - 2% straight line

Fixtures and fittings - 15% reducing balance

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other gains and losses, unless is reverses a charge for impairment that has previously been recognised as expenditure within a statement of financial activities. A decrease in the carrying amount of an asset as a revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

9

Cinderford Artspace Notes to the Financial Statements (continued) Year Ended 31 March 2024

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

10

Cinderford Artspace Notes to the Financial Statements (continued) Year Ended 31 March 2024

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

The aim of the charity is to hold sufficient reserves to allow the charity to continue as a going concern for a minimum period of three months should there be no income stream. It is the policy of the Trustees therefore to hold reserves equivalent to three months management and administration costs. As such, £55,000 of cash held is designated for this reason, controllable at the discretion of the Trustees.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

11

Cinderford Artspace Notes to the Financial Statements (continued) Year Ended 31 March 2024

The core staff salaries have been apportioned on the basis of staff time spent, split between activities in furtherance of the charity's objectives, support costs, management and administration, looking at each member of staff on an individual basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of Financial Activities in the same period as the related expenditure. The deferred element of grants is included in creditors as deferred income.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

4 Limited by guarantee

The company is limited by guarantee whereby each Trustee has a liability not exceeding £1 in the event of a winding up.

12

Cinderford Artspace Notes to the Financial Statements (continued) Year Ended 31 March 2024

5 Donations and legacies

Donations
Donations
Grants
Forest of Dean District Council SLA
Arts Council England		 Unrestricted
Funds
Total Funds
2024
Unrestricted
Funds
Total Funds
2023
£
£
£
£
1,867
1,867
25,067 25,067
11,000
11,000
6,000 6,000
50,000
50,000
48,830 48,830
62,867
62,867
79,897 79,897

6 Charitable activities

Charitable activities
GCC Adult Education ALDD/First Steps
Westonbirt Arboretum
Multiply Funding
Confidence Through Creativity
Arts Council
GCC Autism Grant
Glos Young Carers
Adult Education Lot 5
NHS CCG Xpres
NHS CCG Trailblazer Fund
NHS Forest Trailblazer
NHS Mindscape
Adult education fees
Wye Valley River Festival
Other fees and Engage		 Unrestricted
Funds
Restricted
Funds
Total Funds
2024
£
£
£
86,673
86,673
4,000
4,000
31,188
31,188
2,900
2,900
1,964
1,964
-
-
2,820
2,820
13,860
13,860
19,535
19,535
50,000
50,000
16,560
16,560
10,054
10,054
12,883
12,883
1,667
1,667
40,175
40,175
53,058
241,221 294,279

13

Cinderford Artspace Notes to the Financial Statements (continued) Year Ended 31 March 2024

6 Charitable activities (continued)

Charitable activities
GCC Adult Education ALDD/First Steps
GCC Active Impact
Thriving Communities
Two Rivers Housing
Westonbirt Arboretum
Multiply Funding
Confidence Through Creativity
Arts Council
GCC Autism Grant
Hereford CC - Fastershire
Glos Young Carers
Adult Education Lot 5
Children in Need
NHS CCG Xpres
NHS CCG Trailblazer Fund
NHS Forest Trailblazer
Adult education fees
Other fees and Engage
7
Other trading activities
Sale of artwork
Rental income
8
Investment income
Bank interest receivable		 Unrestricted
Funds
Restricted
Funds
Total Funds
2023
£
£
£
122,335
122,335
4,100
4,100
14,536
14,536
5,000
5,000
6,000
6,000
15,000
15,000
3,047
3,047
11,593
11,593
3,894
3,894
1,100
1,100
3,760
3,760
13,992
13,992
10,400
10,400
34,274
34,274
63,244
63,244
15,000
15,000
13,686
13,686
25,352
25,352
161,373 204,940 366,313
Unrestricted
Funds
Total Funds
2024
Unrestricted
Funds
Total Funds
2023
£
£
£
£
15 15
-
-
899
899
1,258
1,258
914
914
1,258
1,258
Unrestricted
Funds
Total Funds
2024
Unrestricted
Funds
Total Funds
2023
£
£
£
£
2,192
2,192
630
630

14

Cinderford Artspace Notes to the Financial Statements (continued) Year Ended 31 March 2024

----- Start of picture text -----
9 Expenditure on charitable activities by fund type Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Activities 95,925 213,521 309,446
-
Support costs 45,548 45,548
141,473 213,521 354,994
Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Activities 122,992 172,110 295,102
-
Support costs 47,732 47,731
170,724 172,110 342,833
10 Analysis of support costs
Analysis of
Support Total Funds Total Funds
Costs 2024 2023
£ £ £
Premises 22,028 22,028 35,356
Communications and IT 4,073 4,073 4,186
General office 16,612 16,612 11,226
Governance costs 2,834 2,834 7,042
45,548 45,548 57,810
11 Other expenditure (including depreciation)
Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Depreciation 11,025 11,025 10,701 10,701
12 Net income/(expenditure)
Net income/(expenditure) is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible fixed assets 11,025 10,701
----- End of picture text -----

15

Cinderford Artspace Notes to the Financial Statements (continued) Year Ended 31 March 2024

13 Independent examination fees

Fees payable to the independent examiner for:
Independent examination of the financial statements		 2024
2023
£
£
300
1,500

14 Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

Wages and salaries
Social security costs
Employer contributions to pension plans		 2024
2023
£
£
138,411
126,809
6,074
6,474
3,795
4,160
148,280
137,443
2024
2023
No.
No.
The average number of full-time equivalent employees during the year is analysed as follows:
Number of staff 5
6

No employee received employee benefits of more than £60,000 during the year (2023 - Nil).

15 Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

16

Cinderford Artspace Notes to the Financial Statements (continued) Year Ended 31 March 2024

16 Tangible fixed assets

Cost
At 1 April 2023
Additions
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
Carrying amount
At 31 March 2024
At 1 April 2023		 Freehold
Property
Fixtures and
Fittings
Total
£
£
£
521,850
24,558
546,408
-
1,813
1,813
521,850
26,371
548,221
144,586
21,972
166,558
10,437
588
11,025
155,023
22,560
177,583
366,827
3,811
370,638
377,264
2,586
379,850

Freehold property cost represents historic cost of acquisition plus the costs to convert. In the trustees opinion the property is likely to be valued at a lower level than its net book value given the current economic conditions.

17 Stocks

18
Debtors
Trade debtors
19
Creditors: amounts falling due within one year
Trade creditors
Accruals and deferred income
Social security and other taxes
Pensions payable
Raw materials and consumables
Bank loans and overdrafts
Prepayments and accrued income		 2024
2023
£
£
1,250
1,250
2024
2023
£
£
10,683
8,405
19,088
-
2024
2023
£
£
10,000
10,000
5,077
7,404
54,240
2,086
2,421
2,574
1,172
1,347
72,910
23,411

17

Cinderford Artspace Notes to the Financial Statements (continued) Year Ended 31 March 2024

20 Creditors: amounts falling due after more than one year

21
Deferred income
Bank loans and overdrafts
Amount deferred in year		 2024
2023
£
£
12,500
22,500
2024
2023
£
£
49,459
-

22 Pensions and other post retirement benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £3,795 (2023 - £4,160).

23 Analysis of charitable funds

Unrestricted funds

Unrestricted funds
Designated funds
Unrestricted funds
Designated funds		 At 01 April
2023
Income
Expenditure
Transfers
Between
Funds
At 31 March
2024
£
£
£
£
£
61,916
119,031
(152,498)
(8,108)
20,341
420,084
-
-
1,743
421,827
482,000
119,031
(152,498)
(6,365)
442,168
At 01 April
2022
Income
Expenditure
Transfers
Between
Funds
At 31 March
2023
£
£
£
£
£
29,915
202,989
(170,988)
-
61,916
390,352
40,169
(10,437)
-
420,084
420,267
243,158
(181,425)
-
482,000

18

Cinderford Artspace Notes to the Financial Statements (continued) Year Ended 31 March 2024

23 Analysis of charitable funds (continued)

Restricted funds

At 01 April
2023
Income
£
£		 Expenditure
Transfers
Between
Funds
At 31 March
2024
£
£
£
Restricted funds 32,830
241,221		 (213,521)
6,365
66,895
At 01 April
2022
Income
£
£		 Expenditure
Transfers
Between
Funds
At 31 March
2023
£
£
£
Restricted funds -
204,940		 (172,110)
-
32,830
Analysis of net assets between funds
Tangible fixed assets
Current assets
Creditors due in less than 1 year
Creditors due in more than 1 year		 Unrestricted
Funds
Restricted
Funds
Total Funds
2024
£
£
£
370,638
-
370,638
156,940
66,895
223,835
(72,910)
-
(72,910)
(12,500)
-
(12,500)
Net assets 442,168
66,895
509,063
Tangible fixed assets
Current assets
Creditors due in less than 1 year
Creditors due in more than 1 year
Unrestricted
Funds
Restricted
Funds
Total Funds
2023
£
£
£
379,850
-
379,850
148,062 32,830 180,892
(23,411)
-
(23,411)
(22,500)
-
(22,500)
Net assets 482,001
32,830
514,831

24 Analysis of net assets between funds

19

Cinderford Artspace Notes to the Financial Statements (continued) Year Ended 31 March 2024

26 Analysis of changes in net debt

Cash at bank and in hand
Debt due in less than 1 year
Debt due in more than 1 year		 At 1 April
2023
Cash Flows
At 31 March
2024
£
£
£
179,642
23,855
203,497
(10,000)
-
(10,000)
(22,500)
10,000
(12,500)
147,142
33,855
180,997

20