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2024-03-31-accounts

Annual Report and Financial Statements

For the year ended 31 March 2024

S1:Artspace/Projects Ltd

A Company Limited by Guarantee

Charity Number: 1089266 Company Number: 03436124 (England & Wales)

S1: ARTSPACE/PROJECTS Annual Report and Accounts 2023/24

CONTENTS

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S1: ARTSPACE/PROJECTS Annual Report and Accounts 2023/24

CHAIR’S FOREWORD

financial di�iculties and closures. S1 has not been immune to these pressures, requiring us to make some tough decisions. Despite these challenges, we have successfully navigated this di�icult period and remain optimistic about the year ahead.

Traces of a Cathode , which explored the impact of electronic waste. The success of this exhibition led to S1’s curator and studio holder, Joseph Cutts, being invited to further develop this research project with Forma Arts in London. Subsequently and in partnership with She�ield Hallam University, we presented the MFA Fine Art Degree show in the She�ield Hallam Fine Art Project Space at S1 in June 2023, followed by An Elastic Continuum , an international group exhibition and symposium presented by the New Materialist Reading Group.

Unfortunately, increasing building issues prevented us from presenting any further exhibitions during this period and impacted our ability to provide safe working conditions for our sta� and studio holders. These issues, combined with the challenging financial climate, resulted in the di�icult decision to close our temporary premises at Park Hill. This decision was further influenced by a revised options appraisal that concluded our capital plans at Park Hill were no longer viable due to rising costs and economic conditions. On behalf of the Trustees, I want to express our sincere gratitude to all the sta�, studio holders, partners, and residents at Park Hill who have supported S1 over the past eight years during our time at Park Hill.

While this decision was challenging, we remain committed to securing permanent and sustainable premises for S1 in She�ield. Following a further options analysis, we have identified a viable alternative site in the Castlegate area of She�ield city centre and since our departure from Park Hill in October 2023, have focused on developing this new scheme.

In February 2024, She�ield City Council approved the gradual transfer of S1’s Levelling Up Fund grant to enable the project's continued development. Additionally, South Yorkshire Mayoral Combined Authority has provided financial support for professional services to develop our business and economic case.

We were deeply saddened by the loss of our great supporter and project champion, Lord Bob Kerslake, in July 2023. His invaluable advice, advocacy, and dedication to both S1 and the arts in She�ield will be greatly missed. I also wish to pay tribute to Anne Goodchild, one of S1’s longestserving trustees, who died in November 2023. Her remarkable support and contributions to the organisation and the wider arts community will be sorely missed.

This year has also seen changes to S1’s governing body. Sara Trentham-Black stepped down as chair after an 11-year term, and I am honoured to have been appointed as her successor. I would like to thank Satwinder Samra and Russell Light for their dedicated service as trustees following their retirement, and welcome James O’Hara to the board, who brings with him a wealth of expertise and passion for She�ield.

While 2023 has been a year of uncertainty, our new site in Castlegate o�ers a valuable opportunity to place culture at the heart of She�ield’s regeneration and increase the city’s cultural infrastructure. This will enable us to continue supporting artists and promoting art and creativity to audiences for years to come.

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S1: ARTSPACE/PROJECTS Annual Report and Accounts 2023/24

The opportunities that this new site presents for S1, the artist community, and local audiences are significant. As we embark on the development of this new cultural space, we are grateful for the ongoing commitment of all our supporters and partners.

On behalf of the S1 Board of Trustees, I am pleased to present this year’s annual report.

David Bickle Chair of S1 Artspace

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S1: ARTSPACE/PROJECTS Annual Report and Accounts 2023/24

REPORT OF THE TRUSTEES

Year ended 31 March 2024

AIMS & OBJECTIVES

S1 Artspace’s mission is to enable artists to achieve their ambitions through a programme that engages a broad audience both locally and internationally.

since it was established in 1995 by a group of She�ield-based artists seeking to create a sustainable studio environment in She�ield city centre.

Its purpose is to provide an inspiring and vibrant focal point for the production, presentation and debate of contemporary art practice; an ambitious arts organisation that actively supports and nurtures creativity, collaboration and professional development, and provides opportunities for audiences to engage directly with creative practices through participation and discussion.

To achieve this S1 Artspace:

PUBLIC BENEFIT

ADVANCEMENT OF THE ARTS AND CULTURE

of Trustees is satisfied that all activities that were able to take place in 2023-24 were in furtherance of the objects of the charity and for public benefit. The Trustees had due regard to the guidance on public benefit issued by The Charity Commission in compliance with the duty set out in section 4 of the Charities Act 2006.

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S1: ARTSPACE/PROJECTS Annual Report and Accounts 2023/24

ACHIEVEMENTS & PERFORMANCE

ARTISTIC PROGRAMME:

Traces of a Cathode , which explored the impact of electronic waste. The success of this exhibition led to S1’s curator and studio holder, Joseph Cutts, being invited to further develop this research project with Forma Arts in London.

Subsequently and in partnership with She�ield Hallam University, we presented the MFA Fine Art Degree show in the She�ield Hallam Fine Art Project Space at S1 in June 2023. This was followed by An Elastic Continuum , an international group exhibition and symposium presented by the New Materialist Reading Group. Unfortunately, increasing building issues prevented us from hosting any further exhibitions during this period.

Programme for the year ending 31 March 2024:

Traces of a Cathode - 18 March – 20 May 2023

Paulo Arraiano, Diogo da Cruz, Olga Grotova, Gweni Llwyd, Daniel de Paula & David Rickard

This international group exhibition, Traces of a Cathode , addressed improper ‘methods’ of electronic recycling globally and highlighted the need for clearer and cleaner methods of recycling in our local communities, emphasising the roles individuals can play in decreasing their carbon footprint. The exhibition included a broad public programme of talks, events and workshops to engage a wider audience.

She�ield Hallam University MFA Fine Art Degree Show - 19 – 27 May 2023

Bambi Smith, Christine Halsey, Johnsey, Josie Millwood, Kennedy Drake, Lydia Swinney, Molly Pemberton, Ruth Miemczyk, Steph Taylor and Steven Wood

The She�ield Hallam University’s (SHU) MFA Fine Art Degree Show showcased works by ten emerging artists o�ered audiences an introduction into each artist’s practice providing a snapshot of our current social climate. The exhibition encompasses a broad range of subjects and raised questions about human interactions, connections and spirituality; the tensions between analogue and digital and our relationship with technology; and issues surrounding current political, social and environmental concerns.

An Elastic Continuum - 17 – 22 June 2023

Ellie Barrett, Simon Carter, Grace Cli�ord, Craig Fisher, Helen Hamilton, Rebecca Howard, Bethan Hughes, Sinéad Kempley, Victoria Lucas, Stephanie Rushton, Victoria Sharples, Emily Speed, Rose Hedy Squires, Rachel Stanley, Lucy Vann, Henriette Von Muenchhausen and Nathan Walker

The international group exhibition and symposium, An Elastic Continuum presented by the New Materialist Reading Group, explored the concept of ‘skin’ as a boundary and interface. It featured works by 17 contemporary artists that delved into various aspects of skin, including its role as a protector, a site of transition, and a connection between humans, animals, and plants. The exhibition o�ered a multifaceted perspective on skin, examining its biological, social, and cultural implications.

ARTIST STUDIO PROVISION:

From 1 April to 30 September 2023, S1 continued to provide studio space to locally based artists and creative practitioners alongside artists and researchers on Sheffield Hallam’s Practice-based PhD programme. In addition, S1 also provided a large, dedicated studio and project space for Sheffield Hallam’s BA, MA and MFA Fine Art students. The ‘SHU Fine Art Project Space’ functioned as a shared

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S1: ARTSPACE/PROJECTS Annual Report and Accounts 2023/24

studio and teaching space for students, and a public gallery to present the student’s exhibitions and events throughout the year.

The ongoing physical issues with our premises at Park Hill, significantly impacted our ability to provide safe and practical working conditions for our staff and studio holders. These issues, combined with the challenging financial climate, resulted in the decision to close our temporary premises at Park Hill. We served our notice in July, and vacated the premises by September 2023.

CAPITAL PROJECT DEVELOPMENTS:

The decision to leave Park Hill was further influenced by a revised options appraisal post-pandemic, that concluded our capital plans at Park Hill were no longer viable due to rising inflation and the current funding and economic landscape. As a result, from 1 October 2023, S1 operated remotely and continued to work with Sheffield City Council to relocate S1’s capital project to the city centre as part of our joint Gateway to Sheffield Levelling Up Fund project. This regeneration project will transform the Castlegate area through several interventions including, the development of new cultural venues, public green space, and opportunities to explore the area’s heritage.

Following a further options analysis, we identified a viable alternative site in Castlegate and since our departure from Park Hill, have focused on developing this new scheme. In February 2024, Sheffield City Council approved the gradual transfer of S1’s Levelling Up Fund grant to enable the project's continued development. Additionally, South Yorkshire Mayoral Combined Authority has provided financial support for professional services related to our business and economic case.

While 2023 has been a year of uncertainty, S1’s new future home in Castlegate offers a valuable opportunity to place culture at the heart of Sheffield’s regeneration and increase the city’s cultural infrastructure. This will enable us to continue supporting artists and promoting accessible art and creativity to audiences for many years to come.

Next steps include the development of the business case and designs to RIBA Stage 2, public consultations and the acquisition of the site.

FINANCIAL REVIEW

restricted income designated for the artistic programme and £23,476 in unrestricted income through editions sales, studio rents, venue hires, and unrestricted donations.

at Park Hill, including closure of our artist studios, gallery and project space. Consequently, opportunities to generate income through these avenues were limited between April and June 2023.

Reserves Policy

The Trustees' objective is to maintain reserves equivalent to three months' turnover or £60,000, whichever amount is higher. Capital project expenditure is excluded from turnover calculations. Currently, the organisation's reserves stand at £3,657, designated as unrestricted free reserves. Recognising the need to rebuild reserves following the challenging financial period post-pandemic, the Trustees are committed to rebuilding reserves in the financial year 2024-25. This will support cash flow, enhance resilience against adverse circumstances, and ensure effective management. The Trustees conduct an annual review of the reserves policy to ensure its alignment with organisational objectives.

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S1: ARTSPACE/PROJECTS Annual Report and Accounts 2023/24

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

S1: Artspace / Projects Ltd is a company limited by guarantee governed by its Articles of Association and a registered charity with the Charity Commission. The directors of the charitable company are its Trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees. All Trustees are Members in general meetings, which oversees the direction of the organisation including strategy and policy.

Objects

Appointment of Trustees

New trustees are appointed by a resolution of the Trustees or the Members in general meetings. New trustees are appointed for a fixed term of three years and may serve only two fixed terms consecutively unless the Trustees unanimously agree that one or more further terms would be in the best interests of the Company.

Trustee Induction and Training

New trustees receive an information pack containing key documents including the governing documents, minutes of recent meetings, director’s report, and business plan. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Organisation

The Company shall have a Board of Trustees comprising not less than three persons. The Trustees need to ensure that developments are sensitive to the aims of S1 and its charitable status. The development of long-term policy and strategy for S1, in terms of funding and other matters, is negotiated between the Trustees, senior sta� and studio holder representatives.

Related Parties

The charity has an ongoing relationship with She�ield Hallam University (SHU). Several members of sta� and students from SHU established S1 Artspace in 1995 to provide an alternative studio environment in She�ield city centre. As both organisations share a commitment to support and enable artists to develop new artistic work within a critical and engaging framework, S1 and SHU regularly collaborate to provide opportunities for students to support professional practice by utilising each other’s skills, experience and facilities.

Risk Management

The Trustees have a responsibility to develop a risk management strategy involving:

Trustees’ Responsibilities in Relation to the Financial Statements

the state of a�airs of the charity at the end of the financial year and of its surplus or deficit for the financial year. In doing so the Trustees are required to:

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S1: ARTSPACE/PROJECTS Annual Report and Accounts 2023/24

The Trustees are responsible for maintaining proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charity and enables them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the Board of Trustees and signed on their behalf:

David Bickle Trustee

Date: 05/12/2024

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S1: ARTSPACE/PROJECTS Annual Report and Accounts 2023/24

COMPANY INFORMATION

DIRECTORS

David Bickle (appointed 17.10.16, appointed Chair 07.06.23) Russell Light (appointed 02.05.13, resigned 14.02.24) Ryan Mosley (appointed 17.10.16) Satwinder Samra (appointed 17.10.16, resigned 20.11.23) Niall Shamma (appointed 17.10.16) Sara Trentham-Black (Chair, appointed 09.03.11 resigned 07.06.23) James O’Hara (appointed 10.09.23)

COMPANY SECRETARY

Louise Hutchinson (appointed 30.09.20)

CHARITY NUMBER 1089266 COMPANY NUMBER 03436124 (England and Wales) REGISTERED OFFICE S1 Artspace 37 Gilbert, South Street, She�ield, S2 5QY INDEPENDENT EXAMINER Allen West and Foster Omega Court, 364-366 Cemetery Road, She�ield S11 8FT BANK Co-operative Bank plc 78 Pinstone Street, She�ield, S1 2HP SOLICITORS Hall & Birtles Solicitors

Bank Chambers, Main Street, Hawes, North Yorkshire, DL8 3QL

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S1.. ARTSPACEIPROJECTS Annual Report and Accounts 2023124 INDEPENDENT EXAMINER'S REPORT Year end8d 31 March 2024 I report to the charitytrustees on my examination of the accounts ofthe companyfor the year ended 31 March 2024 which are set out on the following pages 11 to 17. Responsibilities and basis of report As the charity's trustees otthe company land also its directors forthe purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'i. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 20111'the 2011 Act'l. In carryingout my examination I havefollowed the Directions given bythe Charitycommission under section 1451511bl of the 2011 Act. Independent examiner's statement I have completed myexamination. I confirm that no matters have come to my attention in connection with the examination givlng me cause to believe that in any material respect: accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records,. or 3. the accounts 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 accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of I rel8nd IFRS 1021]. I have no concerns and have come across no other matters in connection with the examin8tion to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Stephen Allen ACA, FCCA Allen West and Foster Omega Court 364-366 Cemetery Road Sheffield S118FT 5 December 2024

S1: ARTSPACE/PROJECTS Annual Report and Accounts 2023/24

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 March 2024 (Incorporating the income and expenditure account and statement of total recognised gains and losses)

Note
Income from:
Donations and legacies
2
Charitable activities
2
Generated funds
Activities for generating funds
2
Studio income
2
Total income
Expenditure on:
Charitable activities
3
Total expenditure
Net income/(expenditure)
Transfers
Net movement in funds
Balance brought forward at 1 April 2023
Balance carried forward at 31 March 2024		 Unrestricted
Funds
£
Restricted
Funds
£
Total
2024
£
Total
2023
£
331
-
331
196
-
2,256
2,256
46,804
5,929
-
5,929
33,145
17,216
-
17,216
37,981
23,476
2,256
25,732
118,126
35,419
2,256
37,675
105,970
35,419
2,256
37,675
105,970
(11,943)
-
(11,943)
12,156
-
-
-
-
(11,943)
-
(11,943)
12,156
15,600
-
15,600
3,444
3,657
-
3,657
15,600

All activities are continuing. There are no other gains or losses other than those shown above.

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S1: ARTSPACE/PROJECTS Annual Report and Accounts 2023/24

BALANCE SHEET

As at 31 March 2024

Note 2024 2023
£ £
FIXED ASSETS
Tangible fixed assets - -
CURRENT ASSETS
Debtors 6 340 1,466
Cash at bank and in hand 9,307 27,566
9,647 29,032
CURRENT LIABILITIES
Creditors: Amounts falling due within 1 year 7 5,990 13,432
NET CURRENT ASSETS 3,657 15,600
Creditors: Due after more than 1 year - -
TOTAL ASSETS LESS LIABILITIES 3,657 15,600
Represented by:
Restricted funds:
Restricted Funds - -
- -
Unrestricted funds
General funds 9 3,657 15,600
3,657 15,600
3,657 15,600

For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

David Bickle Trustee 05/12/2024

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S1: ARTSPACE/PROJECTS Annual Report and Accounts 2023/24

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 March 2024

1. ACCOUNTING POLICIES

General

S1: Artspace/ Projects is a company limited by guarantee registered in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

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 (Charity SORP FRS 102), 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.

modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

below. These policies have been consistently applied to all years presented unless otherwise stated.

Income

Grants, donations and income from charitable trading activities are recognised in full in the Statement of Financial Activities in the year in which they are receivable.

Expenditure

Expenditure is included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT that cannot be recovered, and are recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably.

Tangible Fixed Assets and Depreciation

expected useful economic life as follows:

Asset class Depreciation method and rate Plant and machinery 25% reducing balance

Fund Accounting

Funds held by the charity are either restricted funds or unrestricted general funds. Unrestricted funds are funds that can be used in accordance with the charitable objects at the discretion of the Trustees. Restricted Funds are used for specific purposes as laid down by the donor. Expenditure which meets the criteria is identified to the fund together with a fair allocation of management and support costs,

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S1: ARTSPACE/PROJECTS Annual Report and Accounts 2023/24

subject to restrictions on their expenditure imposed by the donor. Restricted Capital Funds are those which relate to funding for the feasibility, design and planning work for proposed capital projects.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

Going concern

the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The Trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.

2. INCOME

Donations
Donations
Charitable activities
Arts Council England
She�ield City Council
J G Graves Charitable Trust
Duke of Devonshire Trust
Freshgate Trust
She�ield Town Trust
Freelands Foundation
Generated funds
Rental income
Shop & edition sales
Venue hire
Other		 Unrestricted
Funds
£
Restricted
Funds
£
Total
2024
£
Total
2023
£
331
-
331
196
331
-
331
196
-
2,256
2,256
20,304
-
-
-
16,000
-
-
-
2,000
-
-
-
2,000
-
-
-
2,000
-
-
-
2,000
-
-
-
2,500
-
2,256
2,256
46,804
17,216
-
17,216
37,981
1,337
-
1,337
6,894
4,442
-
4,442
9,495
150
-
150
16,756
23,145
-
23,145
71,126
23,476
2,256
25,732
118,126

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S1: ARTSPACE/PROJECTS Annual Report and Accounts 2023/24

3. EXPENDITURE ON CHARITABLE ACTIVITIES

Artistic programme
Cost of goods sold
Premises
O�ice overheads
Professional fees
Sta�and freelance
Consultancy		 Unrestricted
Funds
£
Restricted
Funds
£
Total
2024
£
Total
2023
£
2,892
2,256
5,148
20,386
877
-
877
3,296
12,965
-
12,965
27,502
2,126
-
2,126
3,881
3,849
-
3.849
3,089
8,360
-
8,360
35,466
4,350
-
4,350
12,350
35,419
2,256
37,675
105,970

4. DETAILS OF CERTAIN ITEMS OF EXPENDITURE

The surplus for the year is stated after charging:
Independent examiner’s fee		 Unrestricted
Funds
£
Restricted
Funds
£
Total
2024
£
Total
2023
£
700
-
700
2,616
700
-
700
2,616

5. STAFF COSTS

Wages and salaries
Social security costs
Pension costs		 Unrestricted
Funds
£
Restricted
Funds
£
Total
2024
£
Total
2023
£
5,908
-
5,908
32,690
-
-
-
2,180
218
-
218
1,123
6,126
-
6,126
35,993

The number of employees during the year was 1 (2023: 3) No employees received emoluments of £60,000 or more (2023: nil) Directors were not remunerated during the year (2023: nil) nor were they reimbursed for any expenses (2023: nil)

6. DEBTORS

Other debtors Unrestricted
Funds
£
Restricted
Funds
£
Total
2024
£
Total
2023
£
340
-
340
1,466
340
-
340
1,466

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S1: ARTSPACE/PROJECTS Annual Report and Accounts 2023/24

7. CREDITORS

Creditors and accruals
Tenant bonds and deposits held
Tax and social security
Other creditors		 Unrestricted
Funds
£
Restricted
Funds
£
Total
2024
£
Total
2023
£
3,226
-
3,226
11,201
696
-
696
1,595
2,068
-
2,068
567
-
-
-
69
5,990
-
5,990
13,432

8. RELATED PARTY TRANSACTIONS

There were no related party transactions in the year (2023: nil)

9. STATEMENT OF FUNDS

Current year

Unrestricted funds
General funds
Restricted funds
Arts Council England
Total funds
Prior year
Unrestricted funds
General funds
Restricted funds
Arts Council England
Freelands Foundation
JG Graves Charitable Trust
Duke of Devonshire Trust
Freshgate Trust
She�ield Town Trust
Total funds		 Balance
b/fwd
£
Income
£
Expenditure
£
Transfers
£
Balance
c/fwd
£
15,600
23,476
(35,419)
-
3,657
15,600
23,476
(35,419)
-
3,657
-
2,256
(2,256)
-
-
-
2,256
(2,256)
-
-
15,600
25,732
37,675
-
3,657
Balance
b/fwd
£
Income
£
Expenditure
£
Transfers
£
Balance
c/fwd
£
3,444
87,322
(77,108)
1,942
15,600
3,444
87,322
(77,108)
1,942
15,600
-
20,304
(20,862)
558
-
-
2,500
-
(2,500)
-
-
2,000
(2,000)
-
-
-
2,000
(2,000)
-
-
-
2,000
(2,000)
-
-
-
2,000
(2,000)
-
-
-
30,804
(28,862)
(1,942)
-
3,444
118,126
(105,970)
-
15,600

General funds

Funds that can be used in accordance with the charitable objects at the discretion of the Trustees.

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S1: ARTSPACE/PROJECTS Annual Report and Accounts 2023/24

Restricted funds

projects/exhibitions undertaken by the charity and are therefore restricted.

The transfer from Freelands Foundation to unrestricted was included to correct the allocation of costs in previous years to the project – this was agreed with the grant provider.

10. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Current year

Current year
Fixed assets
Current assets
Current liabilities
Creditors more than one year
Total funds
Prior year
Fixed assets
Current assets
Current liabilities
Creditors more than one year
Total funds		 Unrestricted
Funds
£
Restricted
funds
£
Total
£
-
-
-
9,647
-
9,647
(5,990)
-
(5,990)
-
-
-
3,657
-
3,657
Unrestricted
Funds
£
Restricted
funds
£
Total
£
-
-
-
29,032
-
29,032
(13,432)
-
(13,432)
-
-
-
15,600
-
15,600

18