**Charity Registration No. 1079475**
## **Company Registration No. 03816738 (England and Wales)**
## **PROJECT 34**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022**
## **PROJECT 34**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Mr A Turner|
|---|---|
||Mr X Vernon|
||Mrs L Bowe|
||Mrs S Worgan|
|**Secretary**|Mr A Turner|
|**Charity number**|1079475|
|**Company number**|03816738|
|**Registered office**|32-34 Weaste Road|
||Salford|
||M5 5FW|
|**Independent examiner**|AJP Corporate Accountants Limited|
||9 Brenton Business Complex|
||Bond Street|
||Bury|
||BL9 7BE|
**PROJECT 34**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|2 - 4|
|Independent examiner's report|5|
|Statement of financial activities|6|
|Balance sheet|7|
|Statement of cash flows|8|
|Notes to the financial statements|9 - 14|
## **PROJECT 34**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** _**FOR THE YEAR ENDED 31 OCTOBER 2022**_
The trustees, who are also the directors of Project 34 for the purpose of company law, are responsible for preparing the Trustees' 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 Project and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Project will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Project and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Project and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 1 -
## **PROJECT 34**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 OCTOBER 2022**_
The trustees present their annual report and financial statements for the year ended 31 October 2022.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Project's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)
## **Objectives and activities**
The Project's objects are to provide social housing accommodation, care and support for the vulnerable homeless. From 4 December 2014 Project 34 is also a Registered Provider with the ‘Regulator of Social Housing’ (RSH) – Registration number 4800 and is required to comply with their Regulatory Framework. There has been no change in activities during the year.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Project should undertake.
## **Achievements and performance**
At the main hostel, Project 34 provides fully-furnished individual rooms, with cleaning services and laundry, together with communal kitchen, dining and lounge facilities, for 27 vulnerable homeless people. There is also a ‘move on’ hostel with duplicate communal services, but much lighter supervision, this can accommodate a further 8 individuals. Occupancy levels are usually over 95%.
Project 34 sees the demonstration of Value for Money (VfM) as an important factor in ensuring that our Commissioners and Regulators are able to take a view on the investment made of public monies. We already monitor against various VfM indicators and are looking to identify how we can adapt our systems so as to reflect some of the new Standards that the RSH have introduced, even though these are mainly geared towards ‘large Registered Providers with bed-units of 1,000 or more.
## **Financial review**
Income from room rentals was unchanged for the previous year.. Government wage subsidies were nil this year. In total, incoming resources fell by 1% to £587,919.
Increases in the costs of maintenance, heat and light and computer running costs were the main reasons why expenditure rose by 11% to that expenditure exceeded income by £9,203.
The total funds at 31 October 2022 amounted to £578,014, so the project is still well able to fund its day to day operations and to seek new opportunities for its expertise while remaining completely self-supporting and without having to resort to public appeals.
It is the policy of the Project that unrestricted funds which have not been designated for a specific use should be maintained at a level to give it an adequate safety margin and that will enable it to consider running other hostels as and when the opportunity arises. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Project’s current activities while consideration is given to ways in which additional funds may be raised. The trustees have maintained the £300,000 capital building fund in order to support the proposed new building development. This level of reserves has been maintained throughout the year.
The project's primary source of income is currently Housing Benefit claimed on behalf of the client group. We are however looking at opportunities to diversify with other income streams whilst maintaining the overall aims and objectives of the Charity and also complying fully with RSH registration and standards.
- 2 -
## **PROJECT 34**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2022**_
## **Plans for future periods**
Project 34 is still mindful that the Government may still at sometime in the near future look to impose restrictions on social housing funding and is therefore will continue to explore ways in which can demonstrate Value for Money. Project 34 has also purchased a plot of land immediately adjacent to the main building with a view to immediate development. Full planning permission is now in place for 9 one bed room flats for affordable rent. This decision was made to increase the Project's operating surplus and also mitigate against any potential future funding changes. The trustees are aware that this building project will absorb some cash reserves, but do not expect this will put undue pressure on their reserves policy. Trustees are also looking to further improve upon ‘Tenants Satisfaction Measures (TSM)’ monitoring in order to ensure that they are able to demonstrate a greater transparency concerning landlord performance and are also able to inform the RSH in its efforts to improve ‘consumer standards’ nationally.
## **Structure, governance and management**
Project 34 is a company limited by guarantee, incorporated on 30 July 1999 and registered as a charity from that time. The Memorandum of Association sets out the powers and objects of the charitable company which is governed under its Articles of Association. In the event of a winding up, members have guaranteed to contribute an amount not exceeding £10.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr A Turner
Mr X Vernon Mrs L Bowe Mrs S Worgan
The Articles prescribe that these shall be a minimum of 3 and a maximum of 12 Trustees and that one third of their number shall retire at each Annual General Meeting. Only a retiring Trustee, or a person nominated by the Trustees, is eligible for election.
The trustees, networking with the local authority, the police, the probation service and other interested parties, are continuing to seek new candidates to join their ranks, and particularly, younger people with appropriate specialist knowledge. Trustee numbers and responsibility awareness will remain a key feature in the Project’s governance arrangements.
## **Trustee Induction and Training**
The legal, financial and managerial framework, together with the obligations of a Trustee, are thoroughly explained to each candidate, before he or she accepts office. After that, the new Trustee, in the company of the very experienced hostel manager, spends time at the hostels, seeing at first hand, how operations are conducted and how the day to day problems are dealt with in order to gain a reasonable understanding of the breadth of the social business This is followed by discussions with other trustees as to the contribution the newcomer can make and how this fits into the future plans for the development of the Charity. Trustees also receive external training so as to better understand their role and responsibilities.
- 3 -
## **PROJECT 34**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2022**_
## **Risk Management**
Risks, Risk Management and Stress Testing is a frequent agenda item at staff and Trustee Meetings and risks such as:
- Funding- both current and future funding from April 2022;
- Safeguarding;
- Issues affecting RSH Standards;
- Business Continuity, including dealing with public health emergencies such as Covid 19;
- Relevant changes in legislation and/or Salford Council policy;
- Continuing to meet the National Housing Federation’s ‘Code of Governance’ (2020)
are assessed and mitigation options considered.
A thorough assessment of the risks to which the charity is exposed, is also regularly undertaken externally by a professional risk assessment firm, covering the risks faced by the Charity, its staff and its users in all departments. Their recommendations have been implemented and risks are kept under constant review.
There have been no collections from the public and cash receipts are small, so risks to the Charity’s funds from dishonesty are minimal. With 4 trustees it has been possible to institute a simple, but robust system of internal control, as recommended by the Charity’s independent examiner.
Trustees and Senior Staff also state ‘Declarations of Interest’ at any discussion/decision making process (eg Trustee meetings)
## **Organisational Structure**
The trustees meet formally or informally, whenever necessary, in order to manage the Charity's affairs. Administration is delegated to a full-time Project Manager (reporting to the Trustee Chairman as required) and he and his staff, look after the day to day operation of the hostel. The Trustees provide their services on a voluntary basis; the manager and other staff are paid.
## **Employee involvement**
The Project's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting performance.
The trustees' report was approved by the Board of Trustees.
Mr A Turner Mr X Vernon **Trustee Trustee** 25 April 2023
- 4 -
## **PROJECT 34**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PROJECT 34**
I report to the trustees on my examination of the financial statements of Project 34 (the Project) for the year ended 31 October 2022.
## **Responsibilities and basis of report**
As the trustees of the Project (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the Project are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Project’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Since the Project’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of , which is one of the listed bodies.
I have completed my examination. I confirm that no 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 in respect of the Project as required by section 386 of the 2006 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
- 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
## **AJP Corporate Accountants Limited**
9 Brenton Business Complex Bond Street Bury BL9 7BE
Dated: 25 April 2023
- 5 -
## **PROJECT 34**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 OCTOBER 2022**_
|**Unrestricted**
**funds**
**2022**
**Notes**
**£**
**Income from:**
Donations and grants
**3**
5
Charitable activities
**4**
589,455
Investments
**5**
22
Other income
**6**
(1,563)
**Total income**
587,919
**Expenditure on:**
Charitable activities
**7**
597,122
**Net (expenditure)/income for the year/**
**Net movement in funds**
(9,203)
Fund balances at 1 November 2021
287,217
**Fund balances at 31 October 2022**
278,014|**Capital**
**funds**
**2022**
**£**
-
-
-
-
-
-
-
300,000
300,000|**Total**
**2022**
**£**
5
589,455
22
(1,563)
587,919
597,122
(9,203)
587,217
578,014|Total
2021
**£**
4,344
589,008
41
-|
|---|---|---|---|
||||593,393|
||||539,214|
||||54,179
533,038|
||||587,217|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 6 -
## **PROJECT 34**
## **BALANCE SHEET**
## _**AS AT 31 OCTOBER 2022**_
|**Notes**
**Fixed assets**
Tangible assets
**10**
**Current assets**
Debtors
**11**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**12**
Net current assets
**Total assets less current liabilities**
**Capital funds**
Building
**Income funds**
Unrestricted funds|**2022**
**£**
104,074
245,020
349,094
(20,949)|**£**
249,869
328,145
578,014
300,000
278,014
578,014|**2021**
**£**
93,100
288,682
381,782
(22,539)|**£**
227,974
359,243|
|---|---|---|---|---|
|||||587,217|
|||||300,000
287,217|
|||||587,217|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 October 2022.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 25 April 2023
Mr A Turner **Trustee**
Mr X Vernon **Trustee**
## **Company Registration No. 03816738**
- 7 -
## **PROJECT 34**
## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 OCTOBER 2022**_
|**Notes**
**Cash flows from operating activities**
Cash (absorbed by)/generated from
operations
**15**
**Investing activities**
Purchase of tangible fixed assets
Proceeds from disposal of tangible fixed
assets
Investment income received
**Net cash (used in)/generated from**
**investing activities**
**Net cash used in financing activities**
**Net (decrease)/increase in cash and cash**
**equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2022**
**£**
(57,339)
23,000
22|**£**
(9,345)
(34,317)
-
(43,662)
288,682
245,020|**2021**
**£**
-
-
41|**£**
67,223
41
-|
|---|---|---|---|---|
|||||67,264
221,418|
|||||288,682|
- 8 -
## **PROJECT 34**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 OCTOBER 2022**_
## **1 Accounting policies**
## **Charity information**
Project 34 is a private company limited by guarantee incorporated in England and Wales. The registered office is 32-34 Weaste Road, Salford, M5 5FW.
## **1.1 Accounting convention**
The accounts have been prepared in accordance with the Project's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The Project is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the Project. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the Project has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
## **1.4 Incoming resources**
Income is recognised when the Project is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
## **1.5 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
|Freehold land and buildings|2%|
|---|---|
|Leasehold land and buildings|10%|
|Fixtures and fittings|33.3%|
|Motor vehicles|20%|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.6 Impairment of fixed assets**
At each reporting end date, the Project reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
- 9 -
## **PROJECT 34**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2022**_
## **1 Accounting policies**
**(Continued)**
## **1.7 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.8 Financial instruments**
The Project has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Project's balance sheet when the Project becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, 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 realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the Project’s contractual obligations expire or are discharged or cancelled.
## **1.9 Employee benefits**
- The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Project is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **1.10 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
- 10 -
## **PROJECT 34**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2022**_
## **2 Critical accounting estimates and judgements**
In the application of the Project’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Donations and grants**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2022**|2021|
||**£**|£|
|Donations and gifts|5|10|
|Coronavirus job retention scheme grants|-|4,334|
||5|4,344|
## **4 Charitable activities**
||**2022**|**2021**|
|---|---|---|
||**£**|**£**|
|Services provided under contract|589,455|589,008|
## **5 Investments**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2022**|2021|
||**£**|£|
|Interest receivable|22|41|
- 11 -
## **PROJECT 34**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2022**_
## **6 Other income**
|**Unrestricted**
**funds**
**2022**
**£**
Net gain on disposal of tangible fixed assets
(1,563)
**Charitable activities**
**2022**
**£**
Staff costs
337,554
Depreciation and impairment
10,881
Property rental costs
66,512
Council tax and insurance
9,116
Light, heat and water
31,769
Cleaning
7,838
Repairs and maintenance
87,305
Printing, postage and stationery
2,594
Telephone
4,120
Motor running expenses
6,898
Travelling expenses
1,329
Consultancy fees
3,854
Accounting and payroll services
5,830
Sundry expenses
3,929
Food
11,970
Computer running costs
5,623
597,122|Total
2021
£
-|
|---|---|
||**2021**
**£**
333,022
15,394
64,436
7,750
26,068
7,582
44,550
3,006
3,599
5,009
1,726
4,807
5,820
4,560
10,241
1,644|
||539,214|
## **7 Charitable activities**
## **8 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the Project during the year.
## **9 Employees**
The average monthly number of employees during the year was:
|**2022**|**2021**|
|---|---|
|**Number**|**Number**|
|11|11|
**Employment costs**
- 12 -
## **PROJECT 34**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2022**_
|**Employees**
Wages and salaries
Social security costs
Other pension costs
|**(Continued)**
**£**
**£**
304,803
303,013
25,983
23,450
6,768
6,559
337,554
333,022|**(Continued)**
**£**
**£**
304,803
303,013
25,983
23,450
6,768
6,559
337,554
333,022|
|---|---|---|
|||333,022|
## **9 Employees**
## **10 Tangible fixed assets**
|**Freehold land**
**and buildings**
**Leasehold**
**land and**
**buildings**
**Fixtures and**
**fittings**
**Motor vehicles**
**£**
**£**
**£**
**£**
**Cost**
At 1 November 2021
238,887
57,407
148,750
40,925
Additions
-
-
10,260
47,079
Disposals
-
-
-
(40,925)
At 31 October 2022
238,887
57,407
159,010
47,079
**Depreciation and impairment**
At 1 November 2021
36,944
57,406
147,283
16,362
Depreciation charged in the year
-
-
1,465
9,416
Eliminated in respect of disposals
-
-
-
(16,362)
At 31 October 2022
36,944
57,406
148,748
9,416
**Carrying amount**
At 31 October 2022
201,943
1
10,262
37,663
At 31 October 2021
201,943
1
1,467
24,563
**11**
**Debtors**
**2022**
**Amounts falling due within one year:**
**£**
Trade debtors
42,039
Other debtors
100
Prepayments and accrued income
61,935
104,074|**Total**
**£**
485,969
57,339
(40,925)|
|---|---|
||502,383|
||257,995
10,881
(16,362)|
||252,514|
||249,869|
||227,974|
||**2021**
**£**
33,836
1,250
58,014|
||93,100|
- 13 -
## **PROJECT 34**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2022**_
## **12 Creditors: amounts falling due within one year**
|Other taxation and social security
Payments received on account
Accruals and deferred income
**Analysis of net assets between funds**
**Income**
**Fund**
**2022**
**£**
Fund balances at 31
October 2022 are
represented by:
Tangible assets
249,869
Current assets/(liabilities)
328,145
578,014|**Capital**
**Fund**
**2022**
**£**
-
-
-|**Total** Income Fund
**2022**
2021
**£**
£
249,869
227,974
328,145
59,243
578,014
287,217|**2022**
**£**
8,796
2,270
9,883
20,949
Capital
Fund
2021
£
-
300,000
300,000|**2021**
**£**
6,325
3,287
12,927|
|---|---|---|---|---|
|||||22,539|
|||||Total
2021
£
227,974
359,243|
|||||587,217|
## **13 Analysis of net assets between funds**
## **14 Related party transactions**
There were no disclosable related party transactions during the year (2021 - none).
## **15 Cash generated from operations**
||||
|---|---|---|
|**Cash generated from operations**
(Deficit)/surpus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Loss on disposal of tangible fixed assets
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase) in debtors
(Decrease)/increase in creditors
**Cash (absorbed by)/generated from operations**|**2022**
**£**
(9,203)
(22)
1,563
10,881
(10,974)
(1,590)
(9,345)|**2021**
**£**
54,179
(41)
-
15,394
(3,852)
1,543|
|||67,223|
## **16 Analysis of changes in net funds**
The Project had no debt during the year.
- 14 -