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← The Inspire Arts Trust

2023-08-31-accounts

`

THE INSPIRE ARTS TRUST FINANCIAL STATEMENTS

31 AUGUST 2023

Company Registration Number 05202978 Charity Number 1111784

THE INSPIRE ARTS TRUST FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

Contents
Report of the Trustees
Reference and administrative information
Independent Examiner’s Report to the Trustees
Statement of Financial Activities
Balance Sheet
Notes to the financial statements		 Pages
1 to 5
6
7
8
9
10 to 16

THE INSPIRE ARTS TRUST

REPORT OF THE TRUSTEES

YEAR ENDED 31 AUGUST 2023

Structure, Governance and Management

Status

The Inspire Arts Trust is a registered charity and a company limited by guarantee and is governed by its Memorandum and Articles of Association.

Organisational structure

The Trust is governed by a board of Trustees, who are responsible for setting the strategic direction of the charity and for establishing policy. The board of Trustees meets regularly and delegates the day-today operation of the charity to an executive board of management.

Objectives and activities

Aims of the charity

The objects of the charity are:

The Inspire Arts Trust has shown good growth over this past year which is very encouraging. We are delighted to outline the development accomplished in each area.

The Directors/Trustees have complied with the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

Bristol Academy of Live Performing Arts (BALPA)

BALPA has shown good growth again this year and we have over 150 students signed up each term during the year. On top of this we also started a now thriving adults’ class as well which had 20 attendees. This is great growth and we are on target for even more next year with 200 including adults and new trial classes signed up for the September 2023 term.

One of the particular highlights has been the growth of our younger Musical Theatre class – we had funding to start this back in the last financial year, all the parents then re-signed their children up this year even though it was now full price and it has grown so much that in September 2023 we are having to launch a second class!

The other highlight was thanks to the Early Help Grant, being able to launch pre-school and introduction to dance classes. Many children of pre-school age missed out on early socialization due to the pandemic, and these classes have been a great opportunity for them to link with others at an affordable cost. These classes have proved very popular!

We held 2 BALPA show days this year, one in December and one in July. It was great to see the children perform and their families loved the shows. Each show was attended by about 300 people which was so good to see.

1

THE INSPIRE ARTS TRUST

REPORT OF THE TRUSTEES

YEAR ENDED 31 AUGUST 2023

Our Young Volunteers programme has continued this year with one student working on his silver award and 2 working on their bronze award. Training has also now been completed so that we can offer the Gold Arts Award and the Young Explorers Award, both of which we will launch in September 2023.

We were not successful in obtaining funding to help with our summer sessions, however there was such a demand from the locals, we decided to go ahead and take a risk on them. This paid off as we saw over 180 children across 7 days and not only trained them in the arts but also were able to provide a healthy lunch for them as well. Parents are asking us to continue running these in as many school holidays as possible and this is something we are seeking funding for.

Due to the cost of living crisis, we saw our demand for bursary places triple in the last financial year. We got to a point where we had used up all our funding and were desperately searching for more. Since that point we have had bursary donations from HDH Wells, Quartet Foundation, Tesco via groundwork scheme and others as well. This has given us a healthy bursary fund to be able to fully or part-fund those who do not have the financial means to fund their own children.

This year we also wanted to give to our BALPA bursary families around Christmas time. We were generously donated Tesco tokens by another organization and with gifts given from our own staff, we were able to distribute 16 hampers of foods and gifts to these families. Many families were overwhelmed with the generosity and said what a help this had been to them. One mum told us she was about to try and do her Christmas shopping having sold her house and given up her job due to cancer treatment. She wondered how she was going to manage to afford the food, when her daughter walked through the door with 3 bags of food and she just cried with relief. It is such a privilege to help these families.

Looking ahead, whilst we have seen growth with BALPA, we need to continue on the path of raising money through funders and also look for new funding sources as well as new students to sustain and grow our work.

Community

Once again this year our students took part in the Thornbury Carnival. This is a great community event and our children loved taking part. Sadly the Carnival had to increase the entry costs for the Carnival making it difficult for many of our BALPA families to pay to get in. This means it will probably be the last year BALPA can be involved unless entry costs come down.

One of the schools we worked with last year, Bradley Stoke Community School, wanted to form a longer term partnership with us and we have been able to offer street dance and musical theatre to them on a weekly basis.

Our work has continued with Jigsaw (a charity who work with children with additional needs) and we continue to run a class specifically for the children they work with each week. Funding from Quartet Foundation and Stoke Park friends Grant have ensured this continues.

We held our first Family Activity Day in September 2022. This was a great success with around 150 people attending, most of whom were not known to BALPA. Free workshops and food were offered and many new families signed up to join BALPA from this event. We are now planning to make this an annual event and have secured funding for the 2023 activity day from Thornbury Town Council.

Musicals

Despite trying to sell The Prodigals set on many platforms, we were not able to achieve this. The trustees decided it would be better to hand the set on to someone else to store so as to not have the £1,600 per annum storage costs. The set was given to Joe Harmston, Prodigals Director. This thankfully releases us from the costs of storing this set.

2

THE INSPIRE ARTS TRUST

REPORT OF THE TRUSTEES

YEAR ENDED 31 AUGUST 2023

Personnel

During this year one of our tutors was on maternity leave, amazingly the rest of the team stepped in and were able to cover for her with the recruitment of one new tutor along the way.

Also this year our CEO suffered a traumatic brain injury in November 2022. We are pleased to say she has recovered spectacularly and was back at work by the end of February 2023. During the time she was off, the General Manager kept the Trustees appraised of Inspire’s work and any decisions that needed to be made.

This year it has been fantastic to see the growth in Inspire. We are indebted to our amazing workers, funders, volunteers, management team and Trustees who are so passionate and hard working in delivering excellent and rewarding experiences for all the young people who attend.

Financial Review

Reserves policy

The Trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets (“the free reserves”) held by the charity should be between 3 and 6 months of the unrestricted expenditure, which equates to £9,788 to £19,576 in general funds. At this level, the board of Trustees feels that it would be able to continue the current activities of the charity in the event of a significant drop in funding. It would obviously be necessary to consider how the funding would be replaced or activities changed accordingly. At the balance sheet date, the free reserves were £1,965; this took an initial drop during Covid and the drop this year was due to taking on a co-ordinator to grow the work and bring in more funding. As you can see reflected in the accounts there has been much fundraising to help Inspire get onto a level footing and also the class numbers for Autumn 2023 have increased up to 200 students which makes a significant difference to the financial viability of the work. Also, some of the restricted funds are towards core costs such as salaries, rent and administration costs which will also aid the running of the charity. The Trustees are of the opinion that Inspire remains a going concern but will be keeping a careful eye on the situation.

Investment powers

The Trustees can invest in any stocks, funds, shares, securities or other investments of whatsoever nature as the trustees shall, in their absolute discretion, think fit.

Investment policy

As income is utilised within a short time after receipt, the Trustees consider that the most appropriate policy for investing funds is to place them on short-term deposit.

Risk management

The Trustees reviewed the risks of the charity and the risk register was discussed in January 2022 by the Trustees. The main risks, control factors and actions have been identified as follows:

Risk: Lack of funding to support the work of the charity. Controls: Finances are closely monitored and controlled. Funding bids are being produced and submitted and this has increased since April 2022 with bringing an Inspire coordinator on board. Regular funding has been consolidated through BALPA. More students have been added to BALPA but this growth needs to continue. Actions: Need to increase funding applications into a wider Trust base. Develop the publicity of BALPA to increase reserves.

Risk: Inadequate cashflow to meet requirements. Controls: Regular monitoring of cashflow by CEO/General Manager. Budgeting of key areas of work. Maintaining adequate reserves. Actions: Continue to monitor cashflow and build reserves back up. Recruit more students to ensure this happens.

3

THE INSPIRE ARTS TRUST

REPORT OF THE TRUSTEES

YEAR ENDED 31 AUGUST 2023

Risk: Risk of reserves being depleted. Controls: Liability insurance against losses. Actions: Reserves have been depleted and these need to be built back up again. Close monitoring of finances by CEO and Trustees.

Since the risks were reviewed, the Trustees also note that the Loss of Key Management Staff has now increased in risk likelihood since the traumatic brain injury of the CEO. The Trustees are in discussion about future succession plans and this has now taken more of a priority on the agenda.

The Trustees have continued to review the risks this year, with more regular financial updates and being kept appraised of funding successes. The Trustees will continue to monitor the risks.

Future

The charity plans to continue to grow and develop BALPA over the next few years and is looking to continue to broaden its work with schools, and also make key partnerships with other organisations to enable this to happen. The charity is keen to keep developing its links into the local community and looks for every opportunity to grow these where possible.

Trustees

The Trustees, who are directors for the purpose of company law, who served during the year and up to the date of this report, are set out on page 6.

Statement of Trustees’ Responsibilities

The trustees (who are also directors of The Inspire Arts Trust for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom 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 charitable company and of the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

4

THE INSPIRE ARTS TRUST

REPORT OF THE TRUSTEES

YEAR ENDED 31 AUGUST 2023

Small company provisions

This report has been prepared in accordance with the special provisions for small companies under part 15 of the Companies Act 2006.

Registered office:

Signed by order

of the Trustees Caedmon Complex Bristol Road Thornbury BS35 3JA

08 April 2024

Approved by the Trustees on …………….

==> picture [116 x 12] intentionally omitted <==

R Collier-Keywood Trustee

5

THE INSPIRE ARTS TRUST REFERENCE AND ADMINISTRATIVE INFORMATION YEAR ENDED 31 AUGUST 2023

Charity number

1111784

Company number

05202978

Company secretary

Mrs N R Goudie

Trustees

The trustees who served during the year and since the year end were as follows:

Mrs H McGreavy Mr R D Collier- Keywood Mr W McGinn Mr S Cavanagh

Registered office

Caedmon Complex, Bristol Road, Thornbury, BS35 3JA

Independent Examiner

Joshua Kingston BSc. ACA, Burton Sweet Limited, The Clock Tower, 5 Farleigh Court, Old Weston Road, Flax Bourton, Bristol BS48 1UR

6

THE INSPIRE ARTS TRUST

INDEPENDENT EXAMINER’S REPORT TO TRUSTEES

YEAR ENDED 31 AUGUST 2023

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2023.

.

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 accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

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 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:

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.

==> picture [119 x 31] intentionally omitted <==

Joshua Kingston BSc. ACA Burton Sweet Limited The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR

08 April 2024 Date: ……………………………

7

THE INSPIRE ARTS TRUST

STATEMENT OF FINANCIAL ACTIVITIES (Including Income & Expenditure Account)

YEAR ENDED 31 AUGUST 2023

Note
Income from:
Donations and grants
2
Charitable activities
3
Other income
Total income
Expenditure on:
Charitable activities
4
Total expenditure
Net income/(expenditure)
5
Net movement in Funds
11
Total funds at 1 September 2022
11
Total funds at 31 August 2023
11		 Unrestricted
Funds
£
5,481
42,105
172		 Restricted
Funds
£
27,723
-
-		 Total funds
2023
£
33,204
42,105
172
Total funds
2022
£
7,358
30,662
-
47,758 27,723 75,481 38,020
50,602 14,311 64,913 50,365
50,602 14,311 64,913 50,365
(2,844) 13,412 10,568 (12,345)
(2,844)
5,006		 13,412
3,480		 10,568
8,486		 (12,345)
20,831
2,162 16,892 19,054 8,486

The charity has no recognised gains or losses other than the results for the year as set out above.

All of the activities of the charity are classed as continuing

The comparative funds are detailed in note 15.

The notes on pages 10 to 16 form part of these financial statements

8

THE INSPIRE ARTS TRUST

BALANCE SHEET

Company registration no: 05202978

AS AT 31 AUGUST 2023

Note
Fixed Assets
Tangible assets
8
Current Assets
Debtors
9
Cash at bank
Creditors : Amounts falling due
within one year
10
Net current assets
Net assets
Restricted funds
12
Unrestricted funds
General funds
12		 2023
£
197
197
608
22,866
23,474
(4,617)
18,857
19,054
16,892
2,162
19,054		 2022
£
1,231
1,231
779
9,610
10,389
(3,134)
7,255
8,486
3,480
5,006
8,486

For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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.

08 April 2024

These financial statements were approved by the Trustees on ……………….. and are signed on their behalf by:

==> picture [120 x 21] intentionally omitted <==

…………………………

R Collier-Keywood

The notes on pages 10 to 16 form part of these financial statements

9

THE INSPIRE ARTS TRUST NOTES TO THE FINANCIAL STATEMENTS

AS AT 31 AUGUST 2023

1 Accounting policies

The charity can continue as a going concern, although the Trustees have noted the reserves have taken a significant drop due to the consequences of Covid on class numbers and have implemented extra marketing to help numbers increase. There has been much fundraising to help Inspire get new projects off the ground and the class numbers for Autumn 2023 have increased to 170 students which makes a significant difference to the viability of the work. At the time of writing this the reserves are already up to £4,500 (December 2023). The Trustees will be keeping a careful eye on the situation.

The Trustees consider the charity to be a public benefit entity as defined under FRS102.

II. When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred until the pre-conditions have been met.

Charitable expenditure comprises those costs incurred by the entity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the entity and include the audit fees and costs linked to the strategic management of the entity. They have been included within support costs.

All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Office Equipment - 33% p.a straight line

Fixtures & Fittings - 25% p.a straight line

Technical Equipment - 20% p.a straight line

10

THE INSPIRE ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2023

1 Accounting policies - continued

2 Income from Donations and Grants

Donations
Grants
Gift Aid received
Prior year comparative
Donations
Grants
Gift Aid received
Income from charitable activities
Bristol Academy of Live Performing Arts
Community activities
Prior year comparative
Bristol Academy of Live Performing Arts
Community activities		 Unrestricted
Funds
£
388
5,000
93		 Restricted
Funds
£
54
27,667
2
Total 2023
£
442
32,667
95
5,481 27,723 33,204
Unrestricted
Funds
£
420
500
105		 Restricted
Funds
£
250
6,083
-
Total 2022
£
670
6,583
105
1,025 6,333 7,358
Unrestricted
Funds
£
40,585
1,520		 Restricted
Funds
£
-
-
Total 2023
£
40,585
1,520
42,105 - 42,105
Unrestricted
Funds
£
30,507
155		 Restricted
Funds
£
-
-
Total 2022
£
30,507
155
30,662 - 30,662

11

THE INSPIRE ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2023

4 Expenditure on charitable activities

Bristol Academy of Live Performing Arts (BALPA)
The Prodigals
Community activities
Other
Prior year comparative
Bristol Academy of Live Performing Arts (BALPA)
The Prodigals
Community activities
Other
Support costs
BALPA
Other
Prior year comparative
BALPA
Other
Support costs are allocated on usage basis.
Governance costs
Independent examination fee
Companies House confirmation statement
Tax investigation service		 Governance
£
799
343		 Direct costs
£
42,947
1,668
800
723		 Support
costs
£
13,142
-
-
5,633
Total 2023
£
56,089
1,668
800
6,356
46,138 18,775 64,913
Direct costs
£
32,110
1,692
50
445		 Support
£
11,249
-
-
4,819
Total 2022
£
43,359
1,692
50
5,264
34,297 16,068 50,365
Office costs
£
1,764
756		 Premises
costs
£
10,579
4,534
Total 2023
£
13,142
5,633
1,142 2,520 15,113 18,775
Governance
£
690
295		 Office costs
£
1,810
775		 Premises
costs
£
8,749
3,749
Total 2022
£
11,249
4,819
985 2,585 12,498 16,068
2023
£
1,032
13
97		 2022
£
972
13
-
1,142 985

12

THE INSPIRE ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2023

5 Net income/(expenditure) for the year

This is stated after charging:
Depreciation
Independent Examiner's fee
Trustees' remuneration
Payment of Trustees' travel expenses
6
Staff costs and numbers
The aggregate staff costs were:
Wages and salaries
Contract staff		 2023
£
1,181
1,032
-
-		 2022
£
2,014
972
-
-
2,213 2,986
2023
£
18,705
21,168		 2022
£
12,779
16,904
39,873 29,683

No member of staff received emoluments of more than £60,000.

The average number of employees (headcount) during the year were 3 (2022: 3)

No trustees received renumeration during the year (2022: None).

7 Taxation

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

8 Tangible fixed assets

Cost
At 1 September 2022
Additions in the year
Disposals in the year
At 31 August 2023
Depreciation
At 1 September 2022
Charge for the year
Depreciation on disposals
At 31 August 2023
Net book value
At 31 August 2023
At 31 August 2022		 Fixtures &
Fittings
£
140
-
-		 Technical
Equipment
£
10,849
147
(9,308)		 Office
Equipment
£
268
-
-		 Total
£
11,257
147
(9,308)
140 1,688 268 2,096
52
35
-		 9,706
1,146
(9,308)		 268
-
-		 10,026
1,181
(9,308)
87 1,544 268 1,899
53 144 - 197
88 1,143 - 1,231

13

THE INSPIRE ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

9
Debtors
Trade debtors
Amount due from NGM Trust
Prepayments
Other debtors		 2023
£
-
-
513
95		 2022
£
484
117
148
30
608 779

10 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Other creditors
Amount due to NGM Trust
Taxation and social security
Accruals and deferred income		 2023
£
348
8
114
4,147		 2022
£
265
6
188
2,675
4,617 3,134

11 Movement in funds Year Ended 31 August 2023

Year Ended 31 August 2023
Restricted funds
BALPA Bursary fund
Young Volunteers Programme
Western Power Grant
Magic Little Grant
Quartet Foundation Grant
Early Help Grant
D'Oyly Carte Grant
Wellbeing Grant (One You)
Thornbury Town Council
Stoke Park
TTC Development Grant
SGC Area Wide Grant
Unrestricted funds
Designated - The Foyle Foundation
General funds
Total funds		 1 September
31 August
2022
Income
Expenditure
Transfers
2023
£
£
£
£
£
940 8,171
(1,991)
-
7,120
472 -
(365)
-
107
1,930 -
(1,930)
-
-
138 -
(138)
-
-
-
4,924
(4,388)
-
536
-
1,960
(1,960)
-
-
-
2,500
(1,756)
-
744
-
2,270
(1,602)
-
668
-
600
(60)
-
540
-
2,298
(121)
-
2,177
-
3,000
-
-
3,000
-
2,000
-
-
2,000
3,480 27,723
(14,311)
-16,892
-
5,000
(5,000)
- -
5,006 42,758
(45,602)
-2,162
5,006 47,758
(50,602)
-2,162
8,486 75,481
(64,913)
-19,054

14

THE INSPIRE ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2023

11 Movement in funds (continued)

Year Ended 31 August 2022
Restricted funds
BALPA Bursary fund
Young Volunteers Programme
Creative Business Grant
D'Oyley Carte Grant
Western Power Grant
Magic Little Grant
Unrestricted funds
General funds
Total funds		 1 September
31 August
2021
Income
Expenditure
Transfers
2022
£
£
£
£
£
976
2,297
(2,333)
- 940
626
-
(154)
- 472
3,563
1,036
(4,606)
7
-
3,119
-
(3,188)
69
-
-
2,500
(570)
- 1,930
-
500
(362)
-138
8,284 6,333
(11,213)
76
3,480
12,547 31,687
(39,152)
(76) 5,006
20,831 38,020
(50,365)
-8,486

BALPA Bursary fund

This fund represents donations given towards enabling disadvantaged young people to access all the courses and training we offer at a discounted rate, or free of charge through Bristol Academy of Performing Arts (BALPA).

Young Volunteers Programme

This fund represents a donation from Co-op Community Fund for our Young Volunteers programme to aim to train them in teaching skills and gain an Arts Award.

Western Power Grant

This fund represents a grant given to run holiday activity days for disadvantaged children, which included a healthy lunch being provided.

Magic Little Grant

This fund represents a grant given by Local Giving. This fund is for us to run a community open day in September 2022.

Quartet Foundation Grant

This grant was given to help cover bursary places for children whose families are in severe financial difficulty. Part of it was given for our partnership with Jigsaw (a local charity who work with children with additional needs) to cover the costs of 2 terms worth of classes for the children and provide training for our staff/contractors on working with children with additional needs.

Early Help Grant

This was given from South Gloucestershire Council to help towards setting up pre-school aged dance classes to aid socialisation of pre-school aged children post the Covid pandemic.

D'Oyly Carte Grant

This has been given to help young people develop their instrument and vocal skills through classes and individual lessons.

Wellbeing Grant (One You)

This was given to help us set up adult dance classes in Thornbury and Cadbury Heath to help encourage people to move and to improve mental health as well.

15

THE INSPIRE ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2023

11 Movement in funds (continued)

Thornbury Town Council

This grant was given to help run a community open day in September 2023.

Stoke Park

This grant was given to help fund classes for children with additional needs in partnership with Jigsaw (a charity who work with children with additional needs).

TTC (Thornbury Town Council) Development Grant

This is given for 23/24 financial year to help Inspire develop networks with other organisations through the funding of the Inspire Co-ordinator.

SGC Area Wide Grant

This is from South Gloucestershire Council to help fund the growth of adult dance classes in 23/24.

The Foyle Foundation - Designated fund

This was an unrestricted fund given by The Foyle Foundation to help towards core costs and salaries.

12 Analysis of net assets

At 31 August 2023 Tangible fixed Other
assets Assets Total
£ £ £
Restricted funds -
 16,892
 16,892
Unrestricted funds 197
 1,965
 2,162
Total funds 197
 18,857
 19,054
At 31 August 2022
Tangible fixed Other
assets Assets Total
£ £ £
Restricted funds -
 3,480
 3,480
Unrestricted funds 1,231
 3,775
 5,006
Total funds 1,231
 7,255
 8,486

13 Related Party transactions

During the year the company was charged £14,407 (2022: £11,251) by the NGM Trust in respect of rent and administration expenses. The Inspire Arts Trust invoiced NGM Trust £0 (2022: £117) for costs incurred on their behalf. At the balance sheet date the charity owed £8 (2022: £6) to NGM Trust, a charity in which Mr R CollierKeywood, Mr W McGinn, Mr S Cavanagh and Mrs H McGreavy are Trustees. Amounts due to NGM Trust are disclosed as £8 (2022: £6) of creditors falling within one year.

The Trustees consider themselves to be the key management personnel along with the Chief Executive Officer and General Manager. Total benefits received by key management personnel and related parties during the year were £4,788 (2022: £4,170).

There are no other related party transactions other than those already disclosed throughout the financial statements.

16

THE INSPIRE ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2023

14 Company limited by guarantee

The company is limited by guarantee and as such has no issued share capital. In the event of the company being wound up the liability of the members is limited to £1 each.

15 Comparative Statement of Financial Activities

Income from:
Donations and grants
Charitable activities
Total income
Expenditure on:
Charitable activities
Total expenditure
Net income/(expenditure)
Transfer between funds
Net movement in Funds
Total funds at 1 September 2021
Total funds at 31 August 2022		 Unrestricted
£
1,025
30,662		 Restricted
£
6,333
-		 Total funds
£
7,358
30,662
31,687 6,333 38,020
39,152 11,213 50,365
39,152 11,213 50,365
(7,465)
(76)		 (4,880)
76		 (12,345)
-
(7,541)
12,547		 (4,804)
8,284		 (12,345)
20,831
5,006 3,480 8,486

17