PAUL SMITH'S FOUNDATION Registered Charity No.. 1065751 Company No: 03346635 UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2023
Paul Smith's Foundation (formerly Paul Smith Foundation) Trustees Report for the year ended 30th June 2023 The trustee5 present their report along with the financial statements of the Foundation for the year to 30th June 2023. The Foundation is a regi5tere(J charity with the Charlty Commission for England and Wales with registered charity number 1065751 and is a registered Company in England and Wales with Company number 03346635. The Foundation 15 constituted by its Memorandum and Articles of As50Ciation. Trustees Sir Paul Smith Ashley Long Sean Baker James Hor51ey (Appointed 14 February 20231 Secretary Ashley Long Reglstered Office 20 Kean Street London England WC2B 4AS Bankers Yorkshire Bank PIC 11 Smithy Row Notthingham A¢¢ountants Moore Kingston Smith LLP Chartered Accountants 6th Floor 9 Appold Street London EC2A 2AP Oblects, Actlvities and Public Benefit The objects of the Charity are to advance the education of the public in all rnatters concerning design, fine arts and de5i8n movement. The trustees confirm that they have Complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission'5 general guidance on public benefit including the guidance'public beneflt.. running a charity IP821. Appointment of new trustees New trustees may be appointed by the trustees, to fill a vacancy or as an additional trustee. The Trust shall selert appropriate trustees and provide them with an induction to acquaint them with the governance and policies of the Trust as well a5 what is expected of them in their new role. Additional training and/or informatlon will be provided to the trustees on an onEoing basis. Aehlevements. Performance and Flnanclal Re¥lew In the year. dividend income was received of E200.95012022'. £175,680) from a range of investments,. The programme of grants and donations in support of and for the furtheran of the object5 of the charlty has continued throughout the year whilst further plans for developing and prornotin8 the Foundation have been put into place. During the year, the charity made grant payrnents and donations of £82.14912022: £49,148). All grants were given in 5UPPOrt of and for the furtherance of the objects of the charitv. The Foundation's dedicated website lpaulsmithsfoundation.coml continue5 to be a platForm of helpful advice for young creatives, and the Foundation's Instagram l@paulsmith5foundationl has been further developed with engaging content specifically designed to further the publid5 education and provlde inspiration in the fields of fine arts, design and business development. Work continued in the archive by means of cataloguin& itemisin& and relocating an extraordinary Sample of the history of Paul Smith. The Archive forms a central part of the Foundation's plan5 to create an educational resource which TS accessible to the general public with a view to inspire, educate and develop skills of deslgners through open- access and teacher-led sessions. A5 the archive is based in Nottingham, Paul Smith's Foundation intends to work with local univer51tie5 to ensure that the opportunity is made widely accessible.
Paul Smith's Foundation (formerly Paul Smith Foundation) Trustees Report for the year ended 30th June 2023 Investments Pollcy The majority of investments are shares held in a range of private companies as analysed in Note IS to the financial statements. The trustees have wide powers of Investment in respect of the Foundation's assets. The Foundation will invest in and hold assets that will: Directly promote of the Objects of the charity. and or,. Provide a long term investment return to maintain the reserves of the Charitv. The trustee5 ensure the Programme Related Investment IPRII strategy is aligned with the charitable mission and objectives of the Foundation. Grant Policy The trustees review grant requests on a case-by-case basi5 in the li8ht of the requested purpose of the grant. All Brants are awarded in accordance with the objects which are to advance the education of the public In all matters conrnIng design, fine arts and de518n managernent. Reserves Policv The trustee5 aim to provide sufficient fvnd5 to cover the existing level of grants committed as well as provide a ltrn8 term fund from which its charitable activities can be increased in the future. Total unrestrlcted funds at the year-end totalled £20,159.49612022 restated= £18,414.2441. Durin8 the year a gain on investments of £2,035,183 Iv's loss 2022: £1,446,9991 was recognised in respect of its investments in Paul SmSth Group HoldSngs LSmlted and Floral Street Property Partner5 Ltd, the shares of which were Eifted to it in 2017 Free reserves are described as those reserves, excluding fixed assets which arè readily available for use in the operations of the charity. At year end. unrestricted free reserves totalled £397.42212022- £501,697). The trustees consider the level of free ieserves sufficient to fund its grant pro8ramme and cover any unplanned expenditure. Key management and remuneratlon policy The trustee5 are not remunerated and the Trust has no employees. The trustees are considered to be the key management personnel. Princlple rlsks and uncertalnties The trustees have assessed the major ris to which the charity is exposed, in particular those related to the investments, operations and finances of the charity. and are satisfied that system5 and procedure5 are in place to rnitigate the exposure to the major risks. The principal risk for the Ftsundation at this early stage in its development is not meeting the objects of the charity. The trustees are fully aware of this and are ensuring that the Fc*undation is becoming more active with the launch of its own dedicated website with regularly updated archlve of advice, insights and inspiration. Future Plans Having established the reserve5 of the Foundation wlth the initial income from donations received from the Paul Srnith Discretionary Trust, the trustees continue to increase the visibility and aetivites of the Charity with a modest level of growth in grant and donation activity whi15t focu5sing on generatlng Income from its investments for longer term allocation to cau5e5 that further it5 objectives. The trustees will continue to increase the level of awareness of the Foundation through the appointment of a dedicated foundation Director to promote the furthera of the objects of the charitv.
Paul Smith's Foundation {formerly Paul Smith Foundation) Trustees Report for the year ended 30th June 2023 Statement of Trusteès, Responsibllities The trustee5 Iwho are also directors of the Paul Smith Foundation) are responsible for preparlng the Trustee5' Report and the financial Statements In accordance with applicable law and regulations. Company law requires the trustees to prepare tinancial statement5 for each financial year in accordance wlth United Kingdom Generally Accepted Accounting Practice Iunited Kingdom Accounting Standards and applicable lawl. The financlal statements are required by law to give a true and fair view of the state of affalrs of the charitable cornpany and of the income and expenditure of the Trust ftsr that period. In preparing these flnancial statements, the trustees are required to- select suitable accounting policie5 and then apply them con51Stently,' observe the methods and principles in the Charities SORP; make judgments and estimates that are reasonable and prudent- state whether applicable UK Accounting Standards have been followed. subject to any materlal departures dlsclosed and explained in the financial statement5', and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in busine5S. The trustees are responsible for keepin8 proper accounting records that disclose with reasonable accuracy at any tlme the financial position of the charitable company and enable them to ensure that the financial 5tatement5 comply with the Company Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other IrreRularitie5. Small Company Provlsions This report has been prepared in accordante with the special provision5 for small companies under Part 15 of the Companles Act 2006. On behalf of the Trustees Ashley Long Date.. T4IWI+
Independent Examiner's Report to the Trustees of Paul Smith's Foundation (formerly Paul Smith Foundation) I report to the charity trustees on my examination of the accounts of the Company for the year ended 30th June 2023. Responsibllitles and basis of report As the charit¢s trustees of the Company land also its directors for the purposes of company lawl you are responsible foi the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Act'l. Havln@ satisfied myself that the account5 of the Company 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 your charity's accounts as carried out under section 145 of the Charitie5 Act 20111'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Comrni55ion under sÈction 145151 Ibl of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my atientlon in connertion with the examination giving me cause to believe.. accounting records were not kept in respect of the Company as required by sertion 386 of the 2006 Act,. or the accounts do not accord with those records.. or thè 3ccounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the aceounts give a 'true and fair view whith is not a matter considered as part of an independent examination: or the accounts have not been prepared in accordance with the methods and principle5 of the Statement of RÈcomrnended Practice for accounting and reporting by charities lapplicable to chaiitie5 preparing their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no concerns and have come acros5 no other matter5 in connection with the examination to which attention should be drawn in thls report in order tts enable a proper understanding of the accounts to be reached. ocxe Adam Fullerton, FCA. DChA For and on behalf of Moore Kingston Smith LLP 6th Floor 9 Appold Street London, EC2A 2AP Date.. 27 March 2024
Paul Smith's Foundation (formerly Paul Smith Foundation) Statement of Financial Activities For the year ended 30 June 2023 2023 Unrestrictéd 2022 Unrestrirted as restated Note Income from: Investment income 200,950 175,680 Total 200.950 175,680 Expenditure on: Chorltoble Activities.. Grants and donations payable in furtherance of objects Insurance Website expenses Archive costs Le8al & Professional Advertising Costs 82,149 5,270 97.656 287,425 13.272 5,109 49,148 2.737 164,418 94,049 io 4,892 Total 490,881 315.254 Net Gainlllossl on investments 15 2.035,183 11,446.9991 Net movement in fund$ 1,745,252 11,586,573) Total fvnds brought forward 18,414,244 20,000,817 Tofal funds carrled forward 20,159,496 18.414.244 The notes on pages 7 to 14 form part of the financial 5tatementS.
Paul Smith's Foundation Iformerly Paul Smlth Foundatlon) Balance Sheet as at 30 June 2023 2023 2023 2022 as restated 2022 as restated Note Fixed Assets Intangible fixed assets Investments 16 15 19,936,804 17,966.621 Currèftt Assets Cash at bank Other debtor5 397,422 139,020 501,697 157,273 17 536,442 658,970 CreditoN' Amounts falling due within one year 18 1313,7501 1211,3481 1313.7501 1211.3481 Net Current Assets 222,692 447,622 Total Assets less current1Sabllltles 20.159.496 18.414.244 Total Nèt Assèts 20,159.496 18,414,244 Funds Unrestricted Funds 20.159.496 18.414.244 The note5 on pages 7 to 14 form part of the financlal statements. The directors state: lal For the year ended 30th June 2023 the charitable company was entltled to exemption under Sertlon 477 of the Companie5 Act 2006. Ibl No notice from Trustees requlrlng an audit h35 been deposited under Section 476 of the Companies Act 2006. Icl The dirertors acknowledge their responsibilities for.. lil ensuring that the charitable company keep5 accounting records which comply with Section 386 of the Companies ACL 2006, and lill preparing finanoal statements which give a true and fair view of the state of affairs of the charitable company as at the end of the financial year, and of its income and èxpenditure for the financial year. in accordance with the requirements of Section5 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts. 50 f31 as applicable to the charitable company. Idl The accounts have been prepared in accordance with the special provisions relating to small companies within Part IS of the Companie5 Act 2006 and in accordance with the provisions of the Financlal ReportinE Standard 102. The account5 were approved by the board and authorised for Issue on and signed on its behalf bv.. Trustee- Ashley Long Company number: 03346635
Paul Smith's Foundation (formerly Paul Smith Foundation) Notes to the Accounts For the year ended 30 June 2023 AccountSng policles Ba515 Of accounting These financlal statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of investments being measured at falr value through Income and expenditure within the Statement of Financial Activities. The financial Statements have been prepared in accordance with the Financlal Reporting Standard appllcable in the UK and Republic of Ireland IFRS 1021. The charitable company is a publlc benefit entity for the purposes of FRS 102 and therefore the charitablÈ company also prepared its financial statements in accordance with the Staternent of Recommended Practice applicable to charllles preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IThe FRS 102 Charities SORPI, the Companies Act 2006 and the Charities Att 2011. The financial statement5 are prepared in sterlln& whlch is the functional currency of the charity. Monètary amounts In these financial statements are rounded to the neore5t pound. The princlpal accounting policles adopted in the preparation of the financlal statements are Set out below. Going Con¢ern Basis The trustees have assessed whether the use of the going ctsncern basis is appropriate and have considered possible events or conditions that might cast doubt on the abllity of the charity to continue as a going concern. The trustees have made this as5e55ment for a period of at least one year from the date of approval of the fin3rhcial statements. In particular the trustees have considered the chaiiws *0Cast5 and projections and have taken account of pressures on donation income, dividend income and the valuation of the investment portfolio and income generation from the fund. After rnakirig enquiries the trustees have concluded that there 15 3 reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis In preparing its financial statements. Income Income is credited to the Statement of Financial Aciivities on an accruals basis when there is entitlement to the funds, the receipt is probable and the amount can be measured reliably. Donated Investments are valued at their market value on the date of transaction. Investment income and bank interesi are accounted for on a receivable bas1S. Expendlture Expenditure is char8ed on an accruals basis. Grants payable are included in the Statement of Flnanclal Activities when approved by trustees and offered to the grantee. Support costs have been apportloned across expenditure relaiing to charitable acitivies. Investments In valuing investments the trustees have had due regard to Section 11 Paragraph 17 of the SORP. InvÈstments are accounted at their fair value. Those unlisted investment5 for where fair value cannot be established using a valuation technique are atcounted at cost. Investments are reviewed each year for impairment with any wrlte off included in the Statement of Financial Activities. Realised and unrealised gains and195se5 on investments are included within the funds. Creditors Contractual arrarkgements are recognised a5 goods and Services are supplied. Other grant payments are recognised when a constructive obligation ari5e5.
Paul Smith's Foundation {formerly Paul Smith Foundation) Notes to the Accounts For the year ended 30 June 2023 Accounting policie5 Icontinuedl Governance costs This expenditure Includes the independent examination fee, services provided by the charity's legal advisors and any other expenditure related to governance or the Strategic direction of the eharitv. Unrestricted funds These resources arlse from unrestricted purposes and from accumulaled surpluses and defi¢its Tn the operations for charitable purposes and are expendable at the discretion of the Trustees. IntanBlble fixed assèts The amortlsation policy is as follows- Website 5 year5 Straight line Cash and Cash Equlvalents Cash and cash equivalents include cash at bank and in hand and short term deposit5 Wlth a maturity date of three months or less. Financlal instruments The Foundation has elected to apply the provisions of Section Il'Basic Financial Instruments, and Section 12 'Other Financial Instrurnents Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contr3Ctual provi510n5 of thè instrument. Financial assets and liabilities are offsÈt. with the net arnounts presented in the financial Staternents, when there Is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to reallse the assei and settle the liability simultaneously. With the exceptTon5 of prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instrurnent5 under FRS 102. Critical accounting estimates and areas of judgement Estimates and judgments are continually evaluated and are based on hlstorical experience and other factors. including expectation5 of future events that are believed to be reasonable under the ci¥cum5tances. a. Impalrment and Valuation of Fixed Asset Investments The trustees have reviewed the appropriateness of methods used in valuing the unlisted shares of the Company's investments. The trustees believe the investment value is supported by the underlying assets held in the companies of those shares. Investments are Tmpaired where there is objective evidence that. as a result of one or More events that occurred after the initial recognition of the financial asset, the estimated future tash flows have been affected. The impairrnent loss is reco@nlsed in the SOFA. b. Amortisatlon of IntanBible Assets The intangible assets held are all in rep5ect of wèbsite development costs. Therefore the trustees consider an amortisation policy of 5 years straight line to be reasonable where It meets the criteria for capitalisation under FRSIO2.
Paul Smith's Foundation (formerly Paul Smith Foundation) Note5 to the Accounts For the year ended 30 June 2023 2023 rertated 2022 Investment income Invesrment Incoffle-Dividends Rec'd- FSPP Ltd Investment Income-9 St Thtsmas Street Bank interest Loan interest 165.854 31.864 811 2.421 132.684 42.996 200,950 175,680 Charitable a¢tivitrÈs 2023 Grants & donations- note 4 Webslte Costs. Insurance. note S Archive cosis- note 7 Legal & Advertl$ln8 Professlonal- rost5- note note 8 Total note 6 Dlrect CharItsb expendrcure Alk)cation ot support costs- note 10 76,027 4.877 90.379 266.IK>6 12.283 4,728 454.3CNJ 6.122 393 7.277 21,419 989 381 36,581 82,149 S.270 97,656 287,425 13.272 5.109 490,881 2022 Grants & donation5- note 4 WebsSte Costs. note 6 Archive ¢osts- note 7 LeBal & Adverti$ln8 Profe55ional- costs- note note 8 In5urance- note 5 Total as restated Oirecr charitable eKpenditure Allocation of 5UPPOrt costs- note 10 47,500 2,645 158,904 90.895 io 4,728 304,682 92 5,514 3,154 164 10,572 49,148 2,737 164,418 94,049 io 4,892 315,254 In 2023 and 2022, support Costs have been allocated across the charitable expenditure streams based on total costs. Grants & donatlons Z023 2022 British Fashion Council Royal Academy of Arts CFDA 10.000 15.000 19,937 5.000 21.090 s.0 47,500 Fashanne Cornmi55ion Studlos Maggie's 76.027 47.500
Paul Smlth's Foundatlon (formerly Paul Smith Foundation) Notes to the Accounts For the year ended 30 June 2023 2023 2022 Insurancè Insurance 4,877 2.645 4,877 2.645 Website Expènditure Website expenditure 90,379 158.9Q4 90,379 158.904 Archlve costs Costs incurred organising and auditing Paul Smith'5 archive for use by the foundation 266.006 90,895 Legal & Profe55ional Legal Setvice5 12,283 io Advertising costs Dlgltal advertislng costs 4.728 4,728 10 Support cost5 Governance c05t5- note 111 Bank charges 36,563 18 36,581 10.573 10,573 11 Governan costs Independent examiner fees Accountin8 service5 6.316 30,247 4,950 5.623 36,563 10.573 12 Transactlons wlth Trustees No trustee received any remuneration for services as a trustee12023: £Nill. nor any reimbursement of expenditure12022: £Nill. Kèy management personnel are the trustees. 13 Employees The FoundatSon has no employees. 14 Taxation The Foundation has suffered no tax charge. as it is rkot subject to UK corporation tax on its charitable activities. io
Paul Smith's Foundation (formerly Paul Smith Foundation) Notes to the Accounts For the year ended 30 June 2023 15 Investments Unlisted 2023 Unlisted 2022 Fair value at 1st July 2022 Additions/lDisposall in the year 17,966,621 165,0001 19,413,620 Gain/llossl on Investments 2,035.183 11,446.9991 Fair value at 30th June 2023 19,936,804 17,966,621 Hlstorical cost as at 30th June 2022 17,966,621 19,413,620 At 30th June 2023 the following investment holdin8s represent 5% or more of the fair value of the total portfolio.. Share class Shareholdins Country of incorporatlon Floral Street 1979 Limited Paul Smith Group Holdin85 Ltd Partnership- 9 St Thomas Streel 140 Ordinary C shares 5,043 Ordinary A shares Not applicable 14.00% 13.72% 11.24% England & Wales England & Wales Unincorporated Detalled breakdown of investments Fair Value Total 2023 Falr Value Total 2022 Le£turÈ in Progress Ltd Floral Street Property Partners Ltd Floral Street 1979 Ltd Paul Smith Group Holdings Ltd Partner5hip- 9 St Thomas Street 50.(X)O 5.918,102 8,578,577 10,177,249 1,180,978 10,817,541 1,180,978 19,936,804 17,966,621 Market risk5 The Foundatlon's exposure to market risks is restricted to the specific markets of companies the Foundatlon invests in.. there is no direct exposure to general market risks. The specific markets Include Paul Smith Group Holdings Ltd in Fashion wholesale and retail and Floral Street Property Partners Ltd in Property. The Fashion wholesale and retail market faced challenges durin8 the year but not to the extent that it would challenge the carrying value of the investment in ihe accounts. The Property company is well funded and generallv maintains a consistent dividend policy. As with risk, the Foundation's portfolio has limited dirert exposure to general market performance and instead is impacted by speafic markets performance. The Foundation's exposure ties into Its Investment objectives as the invèstments either continue to directly promote the objects and profile of the charity or provide a long-term investment return for the charity. Sir Paul Smith, as a Trustee and Ambassador for the charity, has dlrect interest and influencÈ in managing the rlsk of the investments. The charity 15 also currently considering the option to appoint new independent trustees. The Foundation acquTred its share5 in Paul Smith Group Holdings Ltd and Floral Street Property Partners Ltd by way of a gift to the Foundation from Slr Paul Smith's Trust. The charity invested funds in LIP Ltd as it directly promotes the objectives of the charity in supporting new talent in the creative indu5trie5. The charity co-funded alongside Sir Paul Smith, the purchase and restoration of the 9 St Thomas Street building as a long- term inve5tmÈnt. No revaluation h35 been carried out thi% year. li
Paul Smith's Foundation (formerly Paul Smith Foundatlon) Notes to the Accounts For the year ended 30 June 2023 15 Investments Icontlnuèdl Market rlsks Icontinuedl The Foundation's investments are considered reasonably liquid as Itochu Corporation or Sir Paul Smith could acquire the share5 in Paul Smith Group Holdings Ltd at any time if required. Sir Paul smith and the other 5hareholder5 can also potentially acquire the shares in Floral Street Property Partners Ltd if the need arosè. The long-term aim of the Foundatlon involving the investments is to gain dividend income and capital growth from Paul Smith Group Holdings Ltd, Floral Street Property Partners Ltd and St Thomas Street. The long-term aim of LIP Ltd is to continue promoting the objectives of the charlty. Currency risks All of the Foundation's investments are held in GBP and therefore the Foundation is rbot exposed to currency risk. Credit risks The carrying amounts stated above rÈpre5ent the Foundation'5 maximurn exposure to credit risk. Management is not Hware of any further credit risks and therefore further dlsclosure Is not requlre(J. 16 Intangible fixed assets Webslte development Cost at l July 2022 Additions C05t at 30June 2023 79,287 79,287 Accumulated amortisation at l July 2022 Impairment charge for the year Accumulated amortisation at 30 June 2023 79.287 79,287 Net book value as at 30 June 2023 Net book value 35 at 30 June 2022 12
Paul Smith's Foundation (formerly Paul Smith Foundation) Notes to the Accounts For the year ended 30 June 2022 IY Debtors As restated 2022 2023 Prepayments Accrued Investment Income-9 St Thomas Street Loan 1.977 137.043 2,094 105,179 50,000 157,273 139,020 18 Creditors: amounts falling due within one year 2022 2022 Accruals Deferred dividend income Other creditors 279,839 77,925 132,683 740 33.911 313,750 211.348 19 Flnanclal and capltal commitment5 The Foundation has no outstanding financial or capital commwtments. 20 Related partles The charity held the followin8 investment5 at year end in which Paul Smlth land his wife), a trustee of Paul Smith's Foundation has an interest,. Floral Street 1979 Ltd, 9 St Thomas Street Partnership & Pèul Smith Group Holdings limited Ourin8 the year the Foundation received dividend income of £165.85412022:132,6831 from Floral Street Property Partners Umited Iformerly known a5 Colston Property Partners Limited) of which Paul Smith 15 a director and Ashlev LonR is ComDanv Secretarv. Induded within other creditors LS a balance of £14012022= £1401 due to Paul Smith Limited in whlch a number of trustees of ihe Paul Smith's Foundation are also directors of Paul Srnith mIted. Included in other creditor5 is a balance of £60012022- £6001 owed to Paul Smith, a trustee of Paul Smlth's Foundation. 21 statement of movement on reserves As restated 2022 2023 Reserves brou8ht forward Surpluslldeficitl for the year 18,414,244 1.745.252 20,000.817 11,586,573) Reserves carried forward 20.159.496 18,414,244 The charity's reserves consists of unrestricted general reserves only. 13
Paul Smith's FoundatSon (formerly Paul Smith Foundation) Notes to the Accounts For the year ended 30 June 2023 22 Prior perlod adjustments As previously reported Adjustment I Adlustment 2 As restated Net assets and unrestricted funds at 30 June 2021 19.888,634 50.000 62,183 20,000,817 Surpluslldeficitl for year- ended 30 June 2022 11,629,569) 42,996 11,586,573) Net assets and unrestricted fund5 at 30 June 2022 18,259.065 50,000 105.179 18.414,244 Adjustment i Other debtors have been restated to include a loan due from Lecture In Progre55 Ltd at 30 lune 2021 and 30 lune 2022. This loan was repaid In 2022/23. Adjustmènt 2 Income due from 9 St Thomas Street Partnership that met the Charity SORP income reocognition criteria has been reco8nised as follows.. £62,183 accrued at 30 June 2021 and a further £42,996 accrued in the year to 30 June 2022, leavin£ £105,179 accrued at 30 June 2022. 14