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2024-03-31-accounts

SALTBURN ARTISTS PROJECTS

(Company Limited by guarantee – not having a share capital)

Trustees’ Annual Report and Accounts

For the year ended 31[st] March 2024

Charity number 1081285

Company Registered in England: Number 3643605

Saltburn Artists’ Projects – Trustees Annual Report and Accounts

LEGAL & ADMINISTRATIVE INFORMATION

Trustees Mr L Southerton
Mr R Kench
Mr C J Frere-Smith
Mrs P A Bennett
Mrs H R Welford (Resigned 15/1/2024)
Mrs G Johnson
Manager Mrs H Gaunt
Secretary Mr L Southerton
Charity number 1081285
Company number 3643605
Registered office Saltburn Artists’ Studios
30 – 32 Marske Road
Saltburn
TS12 1QG
Independent examiner Gresham & Gale
14 Fountain Street
Guisborough
TS14 6PP
Bankers Unity Trust Bank plc
Nine Brindleyplace
4 Oozells Square
Birmingham
B1 2HB

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Saltburn Artists’ Projects – Trustees Annual Report and Accounts

CONTENTS

Trustees’ report page 3 to 7 Independent examiner’s report page 8 Statement of financial activities page 9 Balance sheet page 10 Notes to the financial statements page 11 to 18

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Saltburn Artists’ Projects – Trustees Annual Report and Accounts

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31[st] MARCH 2024

The Trustees present their report and unaudited financial statements for the year ended 31[st] March 2024.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’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[st] January 2016).

Objectives and activities

The charity’s objectives are:

There has been no significant change in these objectives during the year.

Public Benefit

Saltburn Artists’ Project continued to provide public benefit in accordance with its charitable objectives i.e. ‘to advance the education of the public in all forms of art especially in, but not necessarily limited to, Redcar and Cleveland’ through the provision of:

The provision of high quality, free of charge and accessible exhibitions by a diverse range of artists or groups of artists generally meets the overall aims of the project and its charitable status.

The provision of affordable studio space to encourage the development of working artists in Redcar and Cleveland also relates to this aim. The project operates an open and inclusive allocations policy for the hire of studio space which is available to all artists from across the Tees Valley. A similar open and inclusive process is adopted for any workshops talks or other activities organised by the SAP project.

The trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning its future activities.

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Saltburn Artists’ Projects – Trustees Annual Report and Accounts

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31[st] MARCH 2024

Achievements and performance

The financial position of Saltburn Artists Project (SAP) improved considerably in 2023/2024 when compared to the position the year before.

The project continued to provide a complex of 15 artists’ studios and a gallery space and owns, and manages, a first floor flat which is let on a commercial basis. All of the studios and the flat were fully occupied throughout the year.

The building SAP owns and occupies was built in 1927 and while it has seen elements of major refurbishment there is always the possibility of the need for major repair or maintenance work. This applies particularly to the flat which needs to be kept in a good and lettable condition. Fortunately, no major works were required to any parts of the building during the year.

The studio artists continue to develop their individual practices but also collectively curate and invigilate a programme of gallery exhibitions which are open at weekends.

SAP was fortunate to receive two grants during the year as well as a package of project and artist development work.

Tees Valley Community Foundation (now known as Tees Foundation) provided a small project grant of £2,500 which was spent on new workshop tables, the refurbishment of the gallery stairs and other small items of equipment. In addition, the Foundation funded a programme of support which has advanced the social media profile of both the artist and the project. It also provided the catalyst for the upgrading of our website.

The National Lottery Community Fund approved a grant of £9,398 to expand the community facilities in the building. At the year end the first element of the work, which replaced the community/workshop entrance doors, was complete. The other works will be complete by Autumn 2024.

The project only continues successfully because of the genuine commitment of the studio artists and the dedication of the small group of staff who provide support. Thanks are again due to the flexible contribution of Helen Gaunt - the part-time Manager, and Derek Mosey - the Handyperson who lives up to his job title on a regular basis. Considerable thanks are also due to Glynis Johnson and Pam Bennett who are both trustees and studio artists. Vicky Parker-Cripps who has been studio artist representative on the Board has provided excellent liaise with the studio artists and also support on developing some projects. Their availability of these people on site is crucial to our ability to manage flexibly and quickly.

Amy Overend of SJ Accounting Services has provided a superb service through-out the year meeting all of our financial management needs including day to day budgetary control and the preparation of our annual accounts.

Thanks are also due to Jon Gresham of Gresham and Gale, our project’s Independent Examiners, for the usual efficient and friendly preparation of our accounts.

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Saltburn Artists’ Projects – Trustees Annual Report and Accounts

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31[st] MARCH 2024

Financial review

The results for the year and the charity’s final position at the end of the year are shown in the attached financial statements.

A summary of the financial results and the work of the charity is set out below:

Incoming resources
Resources expended
Net incoming (outgoing) resources
Fund balances carry forward		 2024
38,316
(25,271)
13,045
109,216		 2023
18,577
(23,316)		 2023
18,577
(23,316)

(4,739)

96,171

As the above figures demonstrate, the charity made a surplus of £13,045, after a deficit of £4,739 in 2023. Both years include the annual depreciation charge on the building of £2,200.

The trustees consider this result to be highly positive given that it is after the charge for depreciation. Free reserves have increased by £3,900, with restricted reserves of £9,145.

Reserves policy

The trustees have considered, reviewed, and agreed a policy on reserves. Briefly this is currently to maintain free reserves of around £12,500 to facilitate cash flow due to the nature of the project’s business and to allow for other contingencies. The policy will be reviewed at least annually.

The reserves are to be held in a deposit account where funds are readily accessible. Free reserves at 31[st] March 2024 were £28,581 (2023: £23,746).

Investment policy

Funds which may be surplus to immediate requirements are invested in a bank deposit accounts so that they are readily available to the trustees.

Risk policy and risk management

The trustees have considered the risks to which the charity is exposed and have established appropriate systems to mitigate those risks. During the accounting period, financial procedures and systems were updated to ensure sound management of the affairs of the charity.

Plans for future periods

The project now considers it has reached stability in terms of successful operation on a self-funding basis and recognises that it is difficult, as essentially an accommodation provider, to expect support with operational costs.

The trusties believe however, that the next phase of development must be expanding the profile of the project and its audience base by exploring the opportunities provided by digital technology and platforms.

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Saltburn Artists’ Projects – Trustees Annual Report and Accounts

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31[st] MARCH 2024

Structure, governance and management

Saltburn Artists’ Projects was incorporated on 5[th] October 1998 as a charitable company limited by guarantee. The charity is an independent registered charity – No 1081285 and registered as such on 27[th] June 2000.

It is governed by its memorandum and articles of association (as amended by special resolution on 21[st] March 2000).

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 L Southerton Mr R Kench Mrs P A Bennett Mrs H R Welford (resigned 15/1/2024) Mrs G Johnson Mr C J Frere-Smith

The trustees are responsible for the strategic direction of the charity. The day to day running of the organisation is delegated to the manager, Helen Gaunt.

Trustees are elected annually at the AGM. All members are encouraged to nominate trustees during the year and prior to the AGM. Trustees are welcomed from all sections of the community.

Prospective trustees are welcomed to board meetings to gain familiarity with the operations of the project and are briefed on their obligations under company and charity law.

Trustees are encouraged to undertake other formal training which may be considered suitable from time to time.

There are no related parties other than the trustees and their immediate families.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

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Saltburn Artists’ Projects – Trustees Annual Report and Accounts

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31[st] MARCH 2024

Statement of trustees’ responsibilities

The trustees, who are also the directors of Saltburn Artists’ Projects 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 charity 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:

Trustees’ declaration on un-audited financial statements

In relation to the financial statements which comprise the Statement of Financial Activities, the Balance Sheet and related notes:

By order of the board

Mr L Southerton Trustee and secretary

Dated:

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Saltburn Artists’ Projects – Trustees Annual Report and Accounts

INDEPENDENT EXAMINER’S REPORT

TO THE TRUSTEES OF SALTBURN ARTISTS’ PROJECTS

I report on the accounts of the company for the year ended 31st March 2024 which are set out on pages 9 to 18.

Respective responsibilities of trustees and examiner

The charity’s trustees, who are also the directors of Saltburn Artists’ Project for the purposes of company law, are responsible for the preparation of the financial statements. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The Charity’s gross income exceeded £250000 and I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Certified Accountants.

Having satisfied myself that the Charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner’s report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

J Gresham FCCA Gresham & Gale

14 Fountain Street Guisborough TS14 6PP

Dated:

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Saltburn Artists’ Projects – Trustees Annual Report and Accounts

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31[st] MARCH 2024

----- Start of picture text -----
Unrestricted Restricted Total Total
funds funds
2024 2024 2024 2023
Notes £ £ £ £
Income from:
Charitable activities 3 25,537 11,898 37,435 18,563
Investment income 881 - 881 14
Total income 26,418 11,898 38,316 18,577
Expenditure on:
Charitable activities 4 (22,518) (2,753) (25,271) (23,316)
Net (outgoing)/incoming
resources before transfers 3,899 9,145 13,045 (4,739)
Gross transfers between funds - - - -
Net income/(expenditure) for the
year / Net movement in funds 3,899 9,145 13,045 (4,739)
-
Fund balances at 1st April 2023 96,171 96,171 100,910
Fund balances at 31st March 2024 100,071 9,145 109,216 96,171
----- 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 statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

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Saltburn Artists’ Projects – Trustees Annual Report and Accounts

BALANCE SHEET AS AT 31[st] MARCH 2024

----- Start of picture text -----
2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 8 72,600 74,800
Current assets
Debtors 9 975 510
Cash at bank and in hand 37,726 23,746
38,700 24,256
Creditors: amounts falling due
within one year 10 (2,084) (2,885)
Net current assets 36,616 21,371
Net assets 109,216 96,171
Income funds
Unrestricted funds - general 11,12 100,071 96,171
Restricted funds 9,145 -
109,216 96,171
----- End of picture text -----

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[st] March 2024.

The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements. So far as applicable to the company.

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:

Mr L Southerton Secretary and trustee

Company Registration No. 3643605

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Saltburn Artists’ Projects – Trustees Annual Report and Accounts

NOTES TO THE FINANCIAL STATEMENTS - FOR THE YEAR ENDED 31[st] MARCH 2024

1. Accounting policies

Charity information

Saltburn Artists’ Project is a private company limited by guarantee incorporated in England and Wales. The registered office is 30 – 32 Marske Road, Saltburn, TS12 1QG.

Accounting convention

The accounts have been prepared in accordance with the charity’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 charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

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

Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity 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.

Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used. At present, the charity has no restricted funds.

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Saltburn Artists’ Projects – Trustees Annual Report and Accounts

NOTES TO THE FINANCIAL STATEMENTS - FOR THE YEAR ENDED 31[st] MARCH 2024

1. Accounting policies

Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that the income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation unless performance conditions require deferral of the amount. Any income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Grants receivable are shown gross and are recognised in the SOFA to the extent that they relate to the period up to the year end. Where funding has been given for a period that spans the year end, the amount that relates to the following period is deferred and carried forward.

Expenditure

All expenditure is accounted for on an accruals basis and has been classified under the headings that aggregate all costs related to the category.

Direct charitable expenditure includes the direct costs of the activities and depreciation on related assets. Where support costs cannot be directly attributed to particular headings they have been apportioned to activities on the basis of estimated usage as follows:

Charitable activities 80% Governance costs 20%

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

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. Assets costing above £200 are capitalised at cost plus any incidental expenses of acquisition.

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 property 2% pa straight line Fixtures, fittings & equipment 20% reducing balance

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 net income/(expenditure) for the year.

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Saltburn Artists’ Projects – Trustees Annual Report and Accounts

NOTES TO THE FINANCIAL STATEMENTS - FOR THE YEAR ENDED 31[st] MARCH 2024

1. Accounting policies

Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that these 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).

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.

Financial instruments

The charity 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 charity’s balance sheet when the charity 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 bases 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.

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.

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Saltburn Artists’ Projects – Trustees Annual Report and Accounts

NOTES TO THE FINANCIAL STATEMENTS - FOR THE YEAR ENDED 31[st] MARCH 2024

2. Critical accounting estimates and judgements

In the application of the charity’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. Income from charitable activities

----- Start of picture text -----
Unrestricted Restricted Total Total
funds funds
2024 2024 2024 2023
£ £ £ £
Income from licence fees & rents 15,119 - 15,119 12,637
-
Rechargeable income 3,678 3,678 1,536
Flat rent 6,300 - 6,300 4,017
Sundry income 440 - 440 373
Grant income - 11,898 11,898 -
25,537 11,898 37,435 18,563
----- End of picture text -----

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Saltburn Artists’ Projects – Trustees Annual Report and Accounts

NOTES TO THE FINANCIAL STATEMENTS - FOR THE YEAR ENDED 31[st] MARCH 2024

4. Expenditure on charitable activities

----- Start of picture text -----
Unrestricted Restricted
funds funds Total Total
2024 2024
£ £ 2024 2023
£ £
Salary and fees
Project manager costs 3,626 3,626 3,389
Handyman costs 2,209 2,209 2,005
5,835 - 5,835 5,394
Support costs:
Heat and light 6,054 6,054 4,408
Flat Rates - 579
Water rates 493 493 249
Insurance 1,187 1,187 1,103
Repairs and maintenance 773 2,753 3,525 4,306
Stationery and office equipment 47 47 30
Advertising 112 112 -
Telephone 441 441 296
9,106 2,753 11,859 10,969
Governance costs:
Independent Examiners fee 1,300 1,300 690
Professional fees 898 898 752
Book-keeping 2,244 2,244 2,029
Computing and web costs 850 850 1,197
- - -
Training and travel expenses
Bank charges 72 72 72
Companies House fee 13 13 13
5,377 - 5,377 4,753
Depreciation 2,200 - 2,200 2,200
Total expenditure on charitable activities 22,518 2,753 25,271 23,316
----- End of picture text -----

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Saltburn Artists’ Projects – Trustees Annual Report and Accounts

NOTES TO THE FINANCIAL STATEMENTS - FOR THE YEAR ENDED 31[st] MARCH 2024

5. Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

6. Employees

Number of employees

The average monthly number of employee during the year was:

Management and administration
Charitable activities
Employment costs
Wages and salaries
Social security costs		 2024
2023
No
No
1
1
1
1
2
2
2024
2023
No
No
5,835
5,394
-
-
5,835
5,394

There are no employees who received total employee benefits of more than £60000.

7. Taxation

The charitable company is exempt from corporation tax on its charitable activities.

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Saltburn Artists’ Projects – Trustees Annual Report and Accounts

NOTES TO THE FINANCIAL STATEMENTS - FOR THE YEAR ENDED 31[st] MARCH 2024

8. Tangible fixed assets

----- Start of picture text -----
Fixtures,
Freehold fittings &
property equipment Total
£ £ £
Cost
At 1st April 2023 110,000 3,069 113,069
Additions - - -
- - -
Disposals
At 31st March 2024 110,000 3,069 113,069
Depreciation and impairment
At 1st April 2023 35,200 3,069 38,269
- -
Disposals
-
Depreciation charged in the year 2,200 2,200
At 31st March 2024 37,400 3,069 40,469
Carrying amount
At 31st March 2024 72,600 - 72,600
At 31st March 2023 74,800 - 74,800
9. Debtors
2024 2023
Amounts falling due within one year: £ £
Prepayments 450 384
Other debtors 525 126
975 510
----- End of picture text -----

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Saltburn Artists’ Projects – Trustees Annual Report and Accounts

NOTES TO THE FINANCIAL STATEMENTS - FOR THE YEAR ENDED 31[st] MARCH 2024

10. Creditors: amounts falling due within one year

----- Start of picture text -----
2024 2023
Amounts falling due within one year: £ £
Other taxation and social security - 458
Accruals and deferred income 1,880 1,794
Other creditors 204 633
2,084 2,885
----- End of picture text -----

11. Movement in funds

----- Start of picture text -----
Balance at Incoming Resources Balance at
1.4.23 resources expended 31.3.24
Total
£ £ £ £
Unrestricted funds
General funds 96,171 38,316 (25,271) 109,216
Total funds 96,171 38,316 (25,271) 109,216
----- End of picture text -----

12. Analysis of net assets between funds

Fund balances at 31st March 2024
are represented by:
Tangible assets
Current assets/(liabilities)		 Unrestricted
funds
2024
£
72,600

27,471
100,071		 Restricted
funds
2024
£
-
9,145
9,145		 Total
Total
2024
2023
£
£
72,600
74,800
36,616
21,371
109,216
96,171

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