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← Dartford Arts Centre

2024-08-31-accounts

Charity registration number 1082004 (England and Wales) Company registration number 03958793

DARTFORD ARTS CENTRE

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

DARTFORD ARTS CENTRE

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr J Emery
Dr M Kingham
Mr D Oldcorn
Mr P Scutts
Mr C Dorrian
Mr J C Metcalf
Mr S Gardner
Ms S Golding
Charity number (England and Wales) 1082004
Company number 03958793
Registered office The Mick Jagger Centre
Shepherds Lane
Dartford
Kent
DA1 2JZ
Independent examiner Louise Hallsworth, FCA
Baxter & Co
Chartered Accountants
Lynwood House, Crofton Road
Orpington
BR6 8QE
Bankers Barclays Bank PLC
Lowfield Street
Dartford
Kent
DA1 1HD

(Appointed 4 October 2024) (Appointed 4 October 2024)

DARTFORD ARTS CENTRE

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 16

DARTFORD ARTS CENTRE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2024

The Trustees present their annual report and financial statements for the year ended 31 August 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, a deed of trust, the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.

Objectives and activities

The charity's objects are to advance education in Dartford and the surrounding area in the performing and visual arts and to promote the benefit of the inhabitants of Dartford and the surrounding area by the provision of facilities in the interest of social welfare for recreation and leisure time occupation.

The main objects and activities for the year continue to focus on;

Improving the conditions of life for the inhabitants of Dartford by providing, managing and making available a base for the practice, teaching, performance and recording of music and related other arts.

To make these facilities available to all inhabitants of Dartford generally and by those who may otherwise be excluded, through physical or mental disability, economic or, family or social circumstances thereby encouraging the widest possible participation in the arts.

Strategies for achieving aims and objectives

The strategies employed to assist the charity to meet these objectives consisted of:

Offering the opportunity for a broad range of the community to get involved in arts activities.

Providing a venue for use of local community art groups, for live music and for local groups and individuals to showcase their talents.

Public benefit

The Trustees have paid due regard to guidance on public benefit issued by the Charity Commission in deciding what activities the charity should undertake.

Activities

During the year under review the centre continued to provide a venue for the use of local art groups and musical and dramatic performances and its main activities have revolved around the provision of music tuition with its Dartford Music School project, funded from parental contributions, and the Red Rooster project, funded from contributions made by the Mick Jagger Foundation. Evening activities and private hires are now increasing post pandemic. The centre has taken over the management of the lettings relating to Becket Sport Centre.

Achievements and performance

Significant activities and achievements against objectives

Dartford Music School: The centre continues to provide a range of music tuition for all ages and abilities. There were a number of people having weekly lessons in the centre prior to August 2022.

The Red Rooster Project : This is multi-faceted venture which commenced in 2002 funded by a generous donation from Sir Mick Jagger who has maintained his support ever since. Its aims are to enhance and extend musical opportunities for students in the Dartford area. It does this through planned outreach in local primary schools and through the running of afterschool sessions on Tuesdays. It has enabled hundreds of young people to have access to musical tuition. The response to these projects has been tremendous.

DARTFORD ARTS CENTRE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Financial review

Details of financial transactions in the financial statements: The Mick Jagger Centre does not receive any long term revenue funding and is therefore dependant upon charging for the use of its facilities to meet its running costs. The income is derived from three main sources, contract lettings and ad hoc hiring out of facilities, funding from the Mick Jagger Foundation (The Red Rooster Project) and parental contributions in respect of music tuition provided under the banner of Dartford Music School (DMS).

Incoming resources from charitable activities amounted to £629,450 for the year (2023: £567,965), other incoming resources totalled £21,827 (2023: £6,566).

Expenditure on charitable activities was £591,832 (2023: £540,952) whilst other expenditure amounted to £2,250 (2023: £2,095).

Overall income for the year exceeded expenditure by £57,195 (2023: overall income for the year exceeded expenditure by £31,484), which when deducted from the opening balance of funds brought forward, resulted in a balance of total funds at 31 August 2024 of £117,820 (2023: £60,625).

Funds at 31 August 2024 total £117,890 (2023: £60,625) and comprise unrestricted general funds surplus of £115,820 (2023: £58,625) an unrestricted designated fund of £2,000 (2023: £2,000). It is the aim of the Mick Jagger Centre to maintain its unrestricted general reserves at a level that would be sufficient to cover unavoidable running costs in times where incoming resources are low and enable the replacement and acquisition of fixed assets when required.

Major risks

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

The trustees actively review the major risks which the company faces on a regular basis and believe that these reviews and quarterly assessments of the financial position of the company will ensure sufficient resources in the advent of adverse conditions. The trustees have also examined operational risks and confirm that they have established systems to mitigate significant risks.

Structure, governance and management

The charity is a company limited by guarantee and is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

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 J Emery Dr M Kingham Mr D Oldcorn Mr P Scutts Miss V Stretton (Resigned 1 February 2024) Mr C Dorrian Miss N Franklin-Pierce (Resigned 25 November 2023) Mr J C Metcalf Mr S Gardner (Appointed 4 October 2024) Ms S Golding (Appointed 4 October 2024)

Recruitment and appointment of trustees

The Directors of the charity are also the Trustees. Directors are recruited on the basis of the needs of the organisation taking into account existing experience of the board.

None of the Trustees have any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £10 in the event of a winding up.

DARTFORD ARTS CENTRE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Organisational structure

The Board of Trustees administers the charity. The board meets quarterly and there are committees covering development, membership and finance.

The day to day responsibility of running the Mick Jagger Centre lies with the centre manager.

Relationship with related parties

The company is connected to the Dartford Grammar School by way of directors holding positions as follows:

Mrs P Meggs Member of Senior Management Team Dr M Kingham Member of Senior Management Team Mr J Metcalf Headmaster

The Trustees' Report was approved by the Board of Trustees.

Dr M Kingham Trustee

9 May 2025

DARTFORD ARTS CENTRE

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DARTFORD ARTS CENTRE

I report to the Trustees on my examination of the financial statements of Dartford Arts Centre (the charity) for the year ended 31 August 2024.

Responsibilities and basis of report

As the Trustees of the charity (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.

Having satisfied myself that the financial statements of the charity 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 charity’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. It is my responsibility to:

My examination was carried out in accordance with 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 the 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 statement below.

Independent examiner's statement

The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the ICAEW.

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:

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.

Louise Hallsworth, FCA

Baxter & Co Chartered Accountants Lynwood House, Crofton Road Orpington BR6 8QE 13 May 2025 Date: ............................

DARTFORD ARTS CENTRE

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2024

Unrestricted Unrestricted
funds funds
2024 2023
Notes £ £
Income and endowments from:
Charitable activities 3 570,755 520,710
Other trading activities 4 59,562 47,255
Other income 5 21,827 6,566
Total income 652,144 574,531
Expenditure on:
Raising funds 6 15,601 14,858
Charitable activities 7 581,108 528,189
Total expenditure 596,709 543,047
Net income and movement in funds 55,435 31,484
Reconciliation of funds:
Fund balances at 1 September 2023 60,625 29,141
Fund balances at 31 August 2024 116,060 60,625

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

DARTFORD ARTS CENTRE

BALANCE SHEET

AS AT 31 AUGUST 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 13 8,230 10,973
Current assets
Stocks 14 2,406 1,348
Debtors 15 59,392 29,365
Cash at bank and in hand 144,088 129,842
205,886 160,555
Creditors: amounts falling due within 16
one year (98,056) (110,903)
Net current assets 107,830 49,652
Total assets less current liabilities 116,060 60,625
The funds of the charity
Unrestricted funds 19 116,060 60,625
116,060 60,625

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 August 2024.

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 9 May 2025

Dr M Kingham

Trustee

Company registration number 03958793 (England and Wales)

DARTFORD ARTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

Charity information

Dartford Arts Centre is a private company limited by guarantee incorporated in England and Wales. The registered office is The Mick Jagger Centre, Shepherds Lane, Dartford, Kent, DA1 2JZ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's deed of trust, 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 is a Public Benefit Entity as defined by FRS 102.

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 £.

1.2 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.

1.3 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.

There are currently no Restricted general funds which would comprise of funds received with restrictions imposed by the funder/donor.

1.4 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 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. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

DARTFORD ARTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Governance costs include the costs attributable to the charities compliance with constitutional and statutory requirements.

All resources expended are inclusive of irrecoverable VAT.

1.6 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:

Fixtures, fittings & equipment 25% 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 statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity 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).

1.8 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9 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.

DARTFORD ARTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

(Continued)

1.10 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 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 charity’s contractual obligations expire or are discharged or cancelled.

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.

Critical areas of judgement

In preparing these Financial Statements, the Trustees have not needed to exercise any subjective judgements that would be critical to the academy trust’s Financial Statements.

DARTFORD ARTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

3 Income from charitable activities

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Music tuition income and artistic programmes
Sale of goods 290,987 283,969
Performance related grants 88,920 86,545
Catering
Sale of goods 41,052 24,571
Hire charges
Sale of goods 149,796 125,625
570,755 520,710
4 Income from other trading activities
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Letting and licensing arrangements 59,562 47,255
5 Other income
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Other income 21,827 6,566
6 Expenditure on raising funds
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Ticket sales and box office commissions
Staff costs 15,601 14,858

DARTFORD ARTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

7 Expenditure on charitable activities

Music
tuition
income and
artistic
programmes
CateringHire
2024
2024
£
£
Direct costs
Staff costs
189,024
-
Depreciation and impairment
830
98
Charitable expenditure
246,593
-
Red Rooster expenditure
76,111
-
512,558
98
Share of support and governance costs (see note 8)
Governance
2,750
-
515,308
98
Analysis by fund
Unrestricted funds
515,308
98		 charges
2024
£
-
1,815
63,887
-
65,702
-
65,702
65,702		 Total
Music
tuition
income and
artistic
programmes
CateringHire
2024
2023
2023
£
£
£
189,024
171,563
-
2,743
1,107
131
310,480
231,860
-
76,111
77,482
-
578,358
482,012
131
2,750
2,095
-
581,108
484,107
131
581,108
484,107
131		 charges
2023
£
-
2,419
41,532
-
43,951
-
43,951
43,951		 Total
2023
£
171,563
3,657
273,392
77,482
526,094
2,095
528,189
528,189

DARTFORD ARTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

7 Expenditure on charitable activities

(Continued)

All charitable activities expenditure is unrestricted. £517,971 of undesignated funds and £76,111 of designated funds of Red Rooster expenditure.

8 Support costs allocated to activities

8
Support costs allocated to activities
Governance costs
Analysed between:
Music tuition income and artistic programmes
9
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements
Depreciation of owned tangible fixed assets		 2024
£
2,750
2,750
2024
£
2,750
2,743		 2023
£
2,095
2,095
2023
£
2,095
3,657

10 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or expenses during the year.

11 Recharged employees

The average monthly number of recharged employees during the year was:

Management and administration
Music tutors
Catering
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
11
1
3
15
2024
£
164,171
9,552
30,902
204,625		 2023
Number
10
1
3
14
2023
£
149,818
10,787
25,816
186,421

DARTFORD ARTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

11 Recharged employees

(Continued)

There were no employees whose annual remuneration was more than £60,000.

Remuneration of key management personnel

The Trustees are the key management, none of whom receive any remuneration.

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

13 Tangible fixed assets

Cost
At 1 September 2023
At 31 August 2024
Depreciation and impairment
At 1 September 2023
Depreciation charged in the year
At 31 August 2024
Carrying amount
At 31 August 2024
At 31 August 2023
14
Stocks
Finished goods and goods for resale
15
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors		 Fixtures,
fittings &
equipment
£
82,042
82,042
71,069
2,743
73,812
8,230
10,973
2024
2023
£
£
2,406
1,348
2024
2023
£
£
29,392
29,365
30,000
-
59,392
29,365		 Fixtures,
fittings &
equipment
£
82,042
82,042
71,069
2,743
73,812
8,230
10,973
2024
2023
£
£
2,406
1,348
2024
2023
£
£
29,392
29,365
30,000
-
59,392
29,365
82,042
71,069
2,743
73,812
8,230
10,973
2023
£
1,348
2023
£
29,365
-
29,365

DARTFORD ARTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

16
Creditors: amounts falling due within one year
Notes
Deferred income
17
Trade creditors
Other creditors
Accruals
17
Deferred income
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 September 2023
Released from previous periods
Resources deferred in the year
Deferred income at 31 August 2024		 2024
£
39,439
47,353
4,377
6,887
98,056
2024
£
39,439
2024
£
39,439
38,805
(38,805)
39,439
39,439		 2023
£
38,805
51,495
18,508
2,095
110,903
2023
£
38,805
2023
£
38,805
20,976
(20,796)
38,625
38,805

Deferred income balances relate to Red Rooster fees of £nil (2023: £11,460), Sports Hall income of £17,635 (2023: £5,006) and hire income of £21,804 (2023: £22,339),

18 Retirement benefit schemes
2024 2023
Defined contribution schemes £ £
Charge to profit or loss in respect of defined contribution schemes 30,902 25,816

The charity is recharged for defined contributions paid into the pension scheme for all qualifying employees they are recharged salary for.

DARTFORD ARTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

19 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 Incoming Resources At 31 August
September resources expended 2024
2023
£ £ £ £
General funds 60,625 652,144 (596,709) 116,060
Previous year: At 1 Incoming Resources At 31 August
September resources expended 2023
2022
£ £ £ £
Dartford Grammar School 2,000 - - 2,000
General funds 27,141 574,531 (543,047) 58,625
29,141 574,531 (543,047) 60,625

Unrestricted funds include a designated fund representing long term funding provided to the charity by Dartford Grammar School.

20 Analysis of net assets between funds

Unrestricted
funds
2024
£
At 31 August 2024:
Tangible assets 8,230
Current assets/(liabilities) 107,830
116,060
Unrestricted
funds
2023
£
At 31 August 2023:
Tangible assets 10,973
Current assets/(liabilities) 49,652
60,625

DARTFORD ARTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

21 Related party transactions

Dartford Grammar School, a company incorporated in England and Wales (company number 07406122) is a related party by virtue of the fact it has Trustees and Senior Staff in common.

Dartford Arts Centre reimbursed Dartford Grammar School for staff and other costs incurred during the year of £214,822 (2023: £191,363), income of £533 (2023: £637). The balance owed to Dartford Grammar School at 31 August 2024 was £37.000 (2023: £54,601) and is included in creditors due within one year.

22 Members' liability

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he or she is a member, or within one year after he or she ceases to be a member, such amount as may be required, not exceeding £10 for the debts and liabilities contracted before he or she ceases to be a member