COMPANY REGISTRATION NUMBER: 03928758 CHARITY REGISTRATION NUMBER: 1080324
Southwold Film Society Company Limited by Guarantee Unaudited financial statements
For the year ended
31 March 2023
Southwold Film Society
Company Limited by Guarantee
Financial statements
Year ended 31 March 2023
| Page | |
|---|---|
| Trustees' annual report (incorporating the directors' report) | 1 |
| Independent examiner's report to the trustees | 4 |
| Statement of financial activities (including income and expenditure account) | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 |
Southwold Film Society
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report)
Year ended 31 March 2023
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 2023.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 published in October 2019.
Reference and administrative details
Registered charity name Southwold Film Society Charity registration number 1080324 Company registration number 03928758 Principal office and registered 1 Barnaby Green office Southwold Suffolk IP18 6AP
The trustees
The trustees who served during the year and at the date of approval were as follows:
Mr J L Bennett (Chairman) Ms C R Clark Mr D G Forster Company secretary Mr J L Bennett Independent examiner Mr M C Waters FCCA ACA Lovewell Blake LLP Chartered accountants The Wherry Quay Street Halesworth Suffolk IP19 8ET Bankers Barclays Bank Plc 67 High Street Southwold Suffolk IP18 6DT
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Southwold Film Society
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 March 2023
Objectives and activities
The charity's objects are to advance the education of the public in the knowledge, understanding and appreciation of the arts, particularly the art of film and allied visual techniques. The charity also aims to promote the study and appreciation of film by means of lectures, discussions and exhibitions.
Public Benefit
The trustees have taken due regard to the information published by the charity commission regarding public benefit. It is considered a public benefit is provided through the charity's aims to advance the public in their knowledge, understanding and appreciation of the arts.
Achievements and performance
We have had a fair amount of technical expenditure in the projection box this year. Following the Covid pause our two players blew circuit boards and had to be replaced, with knock on costs to the amplifier which needed to be replaced by digital kit as we phased out the analogue equipment which had proved problematical. Fortunately the Society had good reserves to cover these costs. Apart from that we appear to be operating profitably without increasing ticket prices. We are pleased to welcome a new projectionist to the team.
Financial review
The charity's principal sources of funding during the year were from membership subscriptions, ticket sales and film-themed functions.
The net outgoing resources for the year amounted to £6,709 (2022: £19,846).
The total free funds held at the year end were £19,817 (2022: £30,030), all of which related to unrestricted general funds and equates to the net current assets of the charity.
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Southwold Film Society
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 March 2023
Structure, governance and management
Governing document
Southwold Film Society is a company limited by guarantee and a registered charity governed by its Memorandum and Articles of Association.
Recruitment, appointment and training of Trustees
Trustees are appointed from the membership of the charity which, in accordance with the Articles of Association, is open to any individual, body corporate or unincorporated association which is interested in furthering the charity's work.
All new trustees will be provided with copies of:
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The Memorandum and Articles of Association of the charity
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The latest financial statements of the charity
In addition, the trustees are encouraged to read Charity Commission and other newsletters and to attend courses designed to keep them abreast of their duties and responsibilities.
Risk management
The charity acknowledges the Charity Commission's recommendation for them to undertake a review of the major risks to which the charity is exposed. The trustees will complete a review of the risks faced by the charity as a whole within the next financial year.
Organisational structure
The trustees are responsible for the management of the affairs of the charity and are regarded as trustees under the Charities Act 2011 and directors within the meaning of the Companies Act 2006. The present trustees are listed on page 1.
Small company provisions
This report has been prepared taking advantage of the small companies' exemption of section 415A of the Companies Act 2006.
The trustees' annual report was approved on 20 December 2023 and signed on behalf of the board of trustees by:
Mr J L Bennett (Chairman) Trustee
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Southwold Film Society
Company Limited by Guarantee
Independent examiner's report to the trustees of Southwold Film Society
Year ended 31 March 2023
I report to the charity trustees on my examination of the financial statements of the company for the year ended 31 March 2023 which comprise the statement of financial activities (including income and expenditure account), balance sheet and the related notes.
Responsibilities and basis of report
As the charity's trustees of the company (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 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 company's financial statements as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the 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 matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the financial statements do not accord with those records; or
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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
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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 accounts to be reached.
Mr M C Waters FCCA ACA Independent Examiner
Lovewell Blake LLP Chartered accountants The Wherry Quay Street Halesworth Suffolk IP19 8ET
21 December 2023
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Southwold Film Society
Company Limited by Guarantee
Statement of financial activities (including income and expenditure account)
Year ended 31 March 2023
| 2023 | 2023 | 2022 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 5 | 7,863 | 7,863 | 1,772 |
| Charitable activities | 6 | 28,236 | 28,236 | 11,240 |
| Other trading activities | 7 | 13,068 | 13,068 | 8,365 |
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| Total income | 49,167 | 49,167 | 21,377 | |
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|
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| Expenditure | ||||
| Charitable activities | 8 | 55,876 | 55,876 | 41,223 |
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| Total expenditure | 55,876 | 55,876 | 41,223 | |
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| Net expenditure and net movement in funds | (6,709) | (6,709) | (19,846) | |
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| Reconciliation of funds | ||||
| Total funds brought forward | 279,225 | 279,225 | 299,071 | |
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| Total funds carried forward | 272,516 | 272,516 | 279,225 | |
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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 7 to 12 form part of these financial statements.
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Southwold Film Society
Company Limited by Guarantee
Balance sheet
31 March 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Tangible fixed assets | 13 | 252,699 | 249,195 | ||
| Current assets | |||||
| Stocks | 14 | 150 | 200 | ||
| Debtors | 15 | 1,811 | 1,741 | ||
| Cash at bank and in hand | 21,958 | 32,365 | |||
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|
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| 23,919 | 34,306 | ||||
| Creditors: Amounts falling due within | |||||
| one year | 16 | 4,102 | 4,276 | ||
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| Net current assets | 19,817 | 30,030 | |||
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| Total assets less current liabilities | 272,516 | 279,225 | |||
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| Net assets | 272,516 | 279,225 | |||
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| Funds of the charity | |||||
| Unrestricted funds | 272,516 | 279,225 | |||
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| Total charity funds | 17 | 272,516 | 279,225 | ||
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For the year ending 31 March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 20 December 2023, and are signed on behalf of the board by:
Mr J L Bennett (Chairman) Trustee
Company registration number: 03928758
The notes on pages 7 to 12 form part of these financial statements.
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Southwold Film Society
Company Limited by Guarantee
Notes to the financial statements
Year ended 31 March 2023
1. General information
The charity is 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 1 Barnaby Green, Southwold, Suffolk, IP18 6AP.
The charity's trading address is The Electric Picture Palace, Blackmill Road, Southwold, Suffolk, IP18 6AN.
2. Statement of compliance
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.
3. Accounting policies
(a) Cash at bank
Cash at bank includes cash and deposit accounts.
(b) 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.
(c) Creditors
Creditors with no stated interest and payable within one year are recorded at transaction price.
(d) Going concern
The financial statements have been prepared on a going concern basis as the trustees believe no material uncertainties exist.
(e) Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
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.
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Southwold Film Society
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 March 2023
3. Accounting policies (continued)
(f) Incoming resources
All income is 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:
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bequest income is recognised when receipt is probable and entitlement is established.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
(g) 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:
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expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
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.
(h) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of 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.
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Southwold Film Society
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 March 2023
3. Accounting policies (continued)
(i) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2% straight line DVD library - 20% straight line Equipment - 20% reducing balance
(j) Stock
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.
4. Limited by guarantee
The company is limited by guarantee whereby the members of the company guarantee the liabilities of the company to the extent of £10 per member.
5. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | 1,200 | 1,200 | – | – |
| Subscriptions | ||||
| Subscriptions | 6,663 | 6,663 | 1,772 | 1,772 |
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| 7,863 | 7,863 | 1,772 | 1,772 | |
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6. Charitable activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Ticket sales | 27,426 | 27,426 | 11,140 | 11,140 |
| Tours | 810 | 810 | 100 | 100 |
|
|
|
|
|
28,236 |
28,236 |
11,240 |
11,240 |
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Southwold Film Society
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 March 2023
7. Other trading activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Refreshments | 8,057 | 8,057 | 3,287 | 3,287 | |
| Brochures and books | 23 | 23 | 9 | 9 | |
| Parties, gigs and weddings | 4,988 | 4,988 | 5,069 | 5,069 | |
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| 13,068 | 13,068 | 8,365 | 8,365 | ||
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| 8. | Expenditure on charitable activities by fund type | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Film hire | 6,410 | 6,410 | 3,272 | 3,272 | |
| Water, rates, light and heat | 2,188 | 2,188 | 1,458 | 1,458 | |
| Repairs and maintenance | 1,823 | 1,823 | 9,957 | 9,957 | |
| Insurance | 2,646 | 2,646 | 871 | 871 | |
| Cleaning, ushers and support costs | 19,468 | 19,468 | 7,653 | 7,653 | |
| Printing, postage, sundry and advertising | 1,966 | 1,966 | 918 | 918 | |
| Licences | 2,459 | 2,459 | 70 | 70 | |
| Depreciation | 16,695 | 16,695 | 14,976 | 14,976 | |
| Support costs | 2,221 | 2,221 | 2,048 | 2,048 | |
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| 55,876 | 55,876 | 41,223 | 41,223 | ||
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| 9. | Net expenditure | ||||
| Net expenditure is stated after charging/(crediting): | |||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Depreciation of tangible fixed assets | 16,695 | 14,976 | |||
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| 10. | Independent examination fees | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial statements | 1,871 | 1,788 | |||
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| 11. | Staff costs |
The total staff costs and employee benefits for the reporting period are analysed as follows:
Cleaners, ushers, organists and other support staff
| 2022 | 2021 |
|---|---|
| £ | £ |
19,468 |
7,653 |
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Southwold Film Society
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 March 2023
12. Trustee remuneration and expenses
During the year, payments of £Nil (2022 - £Nil) were made to the Chairman Mr J L Bennett for work carried out on behalf of the charity with the consent of the Charity Commission.
13. Tangible fixed assets
| Land and | Fixtures and | ||||
|---|---|---|---|---|---|
| buildings | fittings | Equipment | Total | ||
| £ | £ | £ | £ | ||
| Cost | |||||
| At 1 April 2022 | 285,487 | 16,931 | 139,410 | 441,828 | |
| Additions | – | 4,751 | 15,448 | 20,199 | |
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| At 31 March 2023 | 285,487 | 21,682 | 154,858 | 462,027 | |
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| Depreciation | |||||
| At 1 April 2022 | 69,759 | 13,126 | 109,748 | 192,633 | |
| Charge for the year | 5,710 | 2,564 | 8,421 | 16,695 | |
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| At 31 March 2023 | 75,469 | 15,690 | 118,169 | 209,328 | |
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| Carrying amount | |||||
| At 31 March 2023 | 210,018 | 5,992 | 36,689 | 252,699 | |
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| At 31 March 2022 | 215,728 | 3,805 | 29,662 | 249,195 | |
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| 14. | Stocks | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Raw materials and consumables | 150 | 200 | |||
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| 15. | Debtors | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Prepayments and accrued income | 1,811 | 1,741 | |||
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| 16. | Creditors: Amounts falling due within one year | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Trade creditors | 2,073 | 2,433 | |||
| Accruals and deferred income | 2,029 | 1,843 | |||
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| 4,102 | 4,276 | ||||
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Southwold Film Society
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 March 2023
17. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||||
|---|---|---|---|---|---|---|---|
| At | |||||||
| 31 March 202 | |||||||
| At | 1 | April 2022 | Income | Expenditure | 3 | ||
| £ | £ | £ | £ | ||||
| Unrestricted general fund | 279,225 | 49,167 | (55,876) | 272,516 | |||
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| At | |||||||
| At | 1 | April 2021 | Income | Expenditure | 31 March 2022 | ||
| £ | £ | £ | £ | ||||
| Unrestricted general fund | 299,071 | 21,377 | (41,223) | 279,225 | |||
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The General fund is held to provide the necessary financial resources to enable the charity to operate on a day to day basis.
18. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2023 | |
| £ | £ | |
| Tangible fixed assets | 252,699 | 252,699 |
| Current assets | 23,919 | 23,919 |
| Creditors less than 1 year | (4,102) | (4,102) |
|
|
|
| Net assets | 272,516 | 272,516 |
|
|
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| Unrestricted | Total Funds | |
| Funds | 2022 | |
| £ | £ | |
| Tangible fixed assets | 249,195 | 249,195 |
| Current assets | 34,306 | 34,306 |
| Creditors less than 1 year | (4,276) | (4,276) |
|
|
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| Net assets | 279,225 | 279,225 |
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