REGISTERED CHARITY NUMBER: 1136375
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
FOR
The Richard Thomas Foundation
MHR Consultancy Limited 126a High Street Whitton Twickenham TW2 7LL
The Richard Thomas Foundation
CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 December 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Statement of Financial Position | 6 | ||
| Notes to the Financial Statements | 7 | to | 11 |
The Richard Thomas Foundation
REPORT OF THE TRUSTEES for the Year Ended 31 December 2021
The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity's objectives as set out in its governing document are to foster and promote the advancement and improvement of general education in all aspects of contemporary art and the development of public appreciation of such art, in particular but not exclusively by enabling performances of new contemporary art to be brought to a wider public. Funding for the charity is secured through individual donors, trusts and fund-raising events.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity's focus continues to be commissioning new works of music and art; and recording and releasing music through its subsidiary record company Junk Ibu Limited. The charity's activities continued to be severely curtailed during 2021 by the ongoing Coronavirus crisis.
PERFORMANCES
September: a spatialised reworking of our commissioned concept album "Alianza" by Marc Piñol and Hugo Capablanca, performed in MONOM at the Funkhaus Berlin
October: a narrative performance based on an AI written script, performed in MONOM at the Funkhaus Berlin
October: the launch concert for Gavin Higgins' new CD Ekstasis at Stone Nest, London
Grants from the charity directly supported:
October: A Tribute Concert at St Giles Cripplegate, London to celebrate Laurence Crane's 60th birthday, with compositions by his past and present students.
Planned concerts that were postponed included:
June: the world premiere at Snape Maltings, UK, of "Extasis" a string quintet commissioned by the charity from Gavin Higgins, now scheduled for June 2022.
WORK IN PROGRESS
The charity continues to work on ongoing projects including:
RTF040 the composer Kali Malone to compose a new long form organ work at Het Orgelpark in Amsterdam, which is planned to be premiered in 2022.
RTF042 the composer Claire M Singer to compose a new long form organ work at Het Orgelpark in Amsterdam, which is planned to be premiered in 2022.
New commissions and grants in year included:
RTF046 the composer Robert Curgenven to compose a new long form organ work at Het Orgelpark in Amesternam, which is planned to be premiered in 2023.
RTF044 the singer/songwriter Johnny Coppin to record and release a new CD of English folk songs.
RTF046 the composer Jospeh Phibbs to compose a string quartet for recording and performance by the Piatti Quartet.
RECORDINGS
The Foundation is the sole shareholder of a trading subsidiary, Junk Ibu Limited (JIL), whose activities are to make, release and distribute recordings (on vinyl, CD and digital) and to own the master recordings. JIL is funded through grants, loans from the charity, and sales of recordings.
During the year JIL released 1 recording:
IBU14 A debut CD of chamber music by composer Gavin Higgins, performed by Fidelio Trio, Piatti Quartet, and cellist David Cohen released on CD through Nimbus in October 2021.
Current planned and confirmed activities include:
IBU15 A CD of French songs composed in 1913-14 by Debussy, Fauré etc, sung by Claire Booth accompanied by pianist Andrew Matthews-Owen. Recording is scheduled for November 2021 for release on CD through Nimbus in 2022.
The Foundation made grants to JIL totalling £10,000 during the year. JIL's total expenditure during the year was £11,418 and income from sale of recordings was £1,242.90.
Page 1
The Richard Thomas Foundation
REPORT OF THE TRUSTEES for the Year Ended 31 December 2021
ACHIEVEMENT AND PERFORMANCE
FUNDRAISING ACTIVITIES
With the assistance of a fundraising consultant, the charity made some applications to funders during the year. The Trustees are grateful to a number of individuals and foundations for making restricted donations supporting the recording and concert programme during the year.
FINANCIAL REVIEW
Financial position
The main sources of funding have been donations from foundations, from individuals and related gift aid reclaims. Of the £43,372 total receipts in 2021:
49% (£21,069) was unrestricted;
51% (£22,304) was restricted funds in respect of specific grants;
Of the £30,194 expenditure in 2021:
85% (£25,520) was spent on grant making; 4% (£1,306) was spent on performances, musician fees, etc.;
5% (£1,527) was spent on a website redesign
6% (£1,842) was spent on the charity's operating expenses
Investment policy and objectives
The charity's reserves are managed by Punter Southall Wealth (formerly Psigma Investment Management). The funds are managed under a socially responsible investment strategy.
Reserves policy
The Trustees have adopted a reserves policy which they consider appropriate to the size of the charity. It is the charity's policy to maintain a balance on unrestricted funds to cover future running costs. Grants are only payable once funding has been secured.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust dated 14 December 2009 and amended 2 May 2010, and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
The charity must have a minimum of three trustees. Every trustee must be appointed for a term of three years by a resolution of the trustees passed at a special meeting. Trustees may be reappointed. In selecting individuals for appointment as trustees, the trustees must have regard to the skills, knowledge and experiences needed for the effective administration of the charity.
Organisational structure
The trustees, on a volunteer basis, deal with all day-to-day activities of the charity. Given the small size of the charity, the charity has limited resources to employ staff.
Induction and training of new trustees
The current trustees are all familiar with, and closely involved in the work of the charity. They were all provided with copies of the Charity Commission's booklet "The Essential Trustee", a copy of the Trust Deed and any amendments made to it and a copy of the charity's latest report and accounts.
Related parties
The charity has a 100% share holdings in a subsidiary company- Junk IBU Limited and further details can be found in note 4. There have been no significant related party transactions between the charity and any of its trustees during the year. All other related party transactions are detailed in note 7 of the financial statements.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1136375
Principal address
Flat 32, The Pryors East Heath Road LONDON NW3 1BS
Trustees
C R V Thomas Ms H E Webb J E McGrath
Page 2
The Richard Thomas Foundation
REPORT OF THE TRUSTEES for the Year Ended 31 December 2021
REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner Mark Blackwell o behalf of MHR Consultancy Ltd ACMA MHR Consultancy Limited 126a High Street Whitton Twickenham TW2 7LL
Approved by order of the board of trustees on 16 February 2022 and signed on its behalf by:
C R V Thomas - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE RICHARD THOMAS FOUNDATION
Independent examiner's report to the trustees of The Richard Thomas Foundation
I report to the charity trustees on my examination of the accounts of The Richard Thomas Foundation (the Trust) for the year ended 31 December 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Mark Blackwell o behalf of MHR Consultancy Ltd ACMA MHR Consultancy Limited 126a High Street Whitton Twickenham TW2 7LL
16 February 2022
Page 4
The Richard Thomas Foundation
STATEMENT OF FINANCIAL ACTIVITIES
for the Year Ended 31 December 2021
| 31.12.21 | 31.12.20 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| fund | funds | funds | funds | ||
| Notes | £ | £ | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||||
| Donations and legacies | 21,070 | 22,304 | 43,374 | 33,134 | |
| Other trading activities | 2 | - | - | - | 6 |
| Total | 21,070 | 22,304 | 43,374 | 33,140 | |
| EXPENDITURE ON | |||||
| Raising funds | - | - | - | 2,509 | |
| Charitable activities | 3 | ||||
| Junk IBU | 10,001 | - | 10,001 | 20,500 | |
| Sundry Small Grants | 1,000 | - | 1,000 | - | |
| Claire m Singer | - | - | - | 2,499 | |
| Gavin Higgins | 416 | - | 416 | - | |
| General | 4,305 | - | 4,305 | 3,940 | |
| Monom Sound Studio | 2,248 | - | 2,248 | 7,215 | |
| Kali Malone | 171 | - | 171 | 4,055 | |
| B J Nilsen | - | - | - | 990 | |
| Antony Sudley | - | - | - | 898 | |
| A Nikiporenko | - | - | - | 2,000 | |
| Outer Agency | - | - | - | 1,073 | |
| Claire SInger - Organ Project | 5,554 | - | 5,554 | - | |
| Joseph Phibbs Quartet | 2,500 | - | 2,500 | - | |
| Johnny Coppin | 4,000 | - | 4,000 | - | |
| Total | 30,195 | - | 30,195 | 45,679 | |
| Net gains on investments | 13,854 | - | 13,854 | - | |
| NET INCOME/(EXPENDITURE) | 4,729 | 22,304 | 27,033 | (12,539) | |
| Transfers between funds | 12 | 18,109 | (18,109) | - | - |
| Net movement in funds | 22,838 | 4,195 | 27,033 | (12,539) | |
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 112,478 | 7,859 | 120,337 | 132,876 | |
| TOTAL FUNDS CARRIED FORWARD | 135,316 | 12,054 | 147,370 | 120,337 |
The notes form part of these financial statements
Page 5
The Richard Thomas Foundation
STATEMENT OF FINANCIAL POSITION
31 December 2021
| 31.12.21 | 31.12.20 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| fund | funds | funds | funds | ||
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Investments | 8 | 101,447 | - | 101,447 | 87,593 |
| CURRENT ASSETS | |||||
| Debtors | 9 | 30,452 | - | 30,452 | 30,452 |
| Cash at bank | 12,054 | 12,054 | 24,108 | 15,859 | |
| 42,506 | 12,054 | 54,560 | 46,311 | ||
| CREDITORS | |||||
| Amounts falling due within one year | 10 | (8,637) | - | (8,637) | (13,567) |
| NET CURRENT ASSETS | 33,869 | 12,054 | 45,923 | 32,744 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 135,316 | 12,054 | 147,370 | 120,337 | |
| NET ASSETS | 135,316 | 12,054 | 147,370 | 120,337 | |
| FUNDS | 12 | ||||
| Unrestricted funds | 135,316 | 112,478 | |||
| Restricted funds | 12,054 | 7,859 | |||
| TOTAL FUNDS | 147,370 | 120,337 |
The financial statements were approved by the Board of Trustees and authorised for issue on 16 February 2022 and were signed on its behalf by:
C R V Thomas - Trustee
H E Webb - Trustee
The notes form part of these financial statements
Page 6
The Richard Thomas Foundation
NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 December 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2.
3.
OTHER TRADING ACTIVITIES
| Ticket Sales CHARITABLE ACTIVITIES COSTS Junk IBU Sundry Small Grants Gavin Higgins General Monom Sound Studio Kali Malone Claire SInger - Organ Project Joseph Phibbs Quartet Johnny Coppin |
31.12.21 31.12.20 £ £ - 6 Grant funding of activities Support Direct (see note costs (see Costs 4) note 5) Totals £ £ £ £ - 10,001 - 10,001 - 1,000 - 1,000 199 217 - 416 1,079 - 3,226 4,305 - 2,248 - 2,248 171 - - 171 - 5,554 - 5,554 - 2,500 - 2,500 - 4,000 - 4,000 1,449 25,520 3,226 30,195 |
31.12.21 31.12.20 £ £ - 6 Grant funding of activities Support Direct (see note costs (see Costs 4) note 5) Totals £ £ £ £ - 10,001 - 10,001 - 1,000 - 1,000 199 217 - 416 1,079 - 3,226 4,305 - 2,248 - 2,248 171 - - 171 - 5,554 - 5,554 - 2,500 - 2,500 - 4,000 - 4,000 1,449 25,520 3,226 30,195 |
|---|---|---|
| 30,195 |
continued...
Page 7
The Richard Thomas Foundation
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2021
4. GRANTS PAYABLE
5.
| GRANTS PAYABLE | |||||
|---|---|---|---|---|---|
| 31.12.21 | 31.12.20 | ||||
| £ | £ | ||||
| Junk IBU | 10,001 | 20,500 | |||
| Sundry Small Grants | 1,000 | - | |||
| Claire m Singer | - | 2,499 | |||
| Gavin Higgins | 217 | - | |||
| Monom Sound Studio | 2,248 | 7,215 | |||
| Kali Malone | - | 4,055 | |||
| B J Nilsen | - | 990 | |||
| Antony Sudley | - | 898 | |||
| A Nikiporenko | - | 2,000 | |||
| Outer Agency | - | 1,073 | |||
| Claire SInger - Organ Project | 5,554 | - | |||
| Joseph Phibbs Quartet | 2,500 | - | |||
| Johnny Coppin | 4,000 | - | |||
| 25,520 | 39,230 | ||||
| SUPPORT COSTS | |||||
| Information | Governance | ||||
| Management | technology | Other | costs | Totals | |
| £ | £ | £ | £ | £ | |
| General | 329 | 2,382 | 65 | 450 | 3,226 |
| Support costs, included in the above, are as follows: | |||||
| 31.12.21 | 31.12.20 | ||||
| Total | |||||
| General | activities | ||||
| £ | £ | ||||
| Postage and stationery | 329 | 45 | |||
| Sundries | 69 | 42 | |||
| Website and Computer Costs | 2,313 | 1,448 | |||
| Travel | 65 | - | |||
| Independent Examiner | 450 | 450 | |||
| 3,226 | 1,985 |
6.
TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
7.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | Restricted | Total | ||
|---|---|---|---|---|
| fund | funds | funds | ||
| £ | £ | £ | ||
| INCOME AND ENDOWMENTS FROM | ||||
| Donations and legacies | 15,000 | 18,134 | 33,134 | |
| Other trading activities | 6 | - | 6 | |
| Total | 15,006 | 18,134 | 33,140 | |
| EXPENDITURE ON | ||||
| Raising funds | 2,509 | - | 2,509 | |
| Charitable activities | ||||
| Junk IBU | - | 20,500 | 20,500 | |
| Claire m Singer | 2,499 | - | 2,499 | |
| General | 3,940 | - | 3,940 | |
| Monom Sound Studio | 7,215 | - | 7,215 | |
| Page 8 | continued... |
Page 8
The Richard Thomas Foundation
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2021
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
8.
9.
| Unrestricted | Unrestricted | Restricted | Total | |
|---|---|---|---|---|
| fund | funds | funds | ||
| £ | £ | £ | ||
| Kali Malone | 1,421 | 2,634 | 4,055 | |
| B J Nilsen | 990 | - | 990 | |
| Antony Sudley | 898 | - | 898 | |
| A Nikiporenko | 2,000 | - | 2,000 | |
| Outer Agency | 1,073 | - | 1,073 | |
| Total | 22,545 | 23,134 | 45,679 | |
| NET INCOME/(EXPENDITURE) | (7,539) | (5,000) | (12,539) | |
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 120,017 | 12,859 | 132,876 | |
| TOTAL FUNDS CARRIED FORWARD | 112,478 | 7,859 | 120,337 | |
| FIXED ASSET INVESTMENTS | ||||
| Shares in | ||||
| group | Unlisted | |||
| undertakings | investments | Totals | ||
| £ | £ | £ | ||
| MARKET VALUE | ||||
| At 1 January 2021 | 100 | 87,493 | 87,593 | |
| Revaluations | - | 13,854 | 13,854 | |
| At 31 December 2021 | 100 | 101,347 | 101,447 | |
| NET BOOK VALUE | ||||
| At 31 December 2021 | 100 | 101,347 | 101,447 | |
| At 31 December 2020 | 100 | 87,493 | 87,593 | |
| There were no investment assets outside the UK. | ||||
| Cost or valuation at 31 December 2021 is represented by: | ||||
| Shares in | ||||
| group | Unlisted | |||
| undertakings | investments | Totals | ||
| £ | £ | £ | ||
| Valuation in 0 | 100 | 101,347 | 101,447 | |
| DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 31.12.21 | 31.12.20 | |||
| £ | £ | |||
| Amounts owed by Group Company | 25,900 | 25,900 | ||
| Prepayments | 4,552 | 4,552 | ||
| 30,452 | 30,452 |
continued...
Page 9
The Richard Thomas Foundation
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2021
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 31.12.21 | 31.12.20 | |||
|---|---|---|---|---|
| £ | £ | |||
| Bank loans and overdrafts (see note 11) | 8,638 | 13,567 | ||
| Trade creditors | (1) | - | ||
| 8,637 | 13,567 | |||
| LOANS | ||||
| An analysis of the maturity of loans is given below: | ||||
| 31.12.21 | 31.12.20 | |||
| £ | £ | |||
| Amounts falling due within one year on demand: | ||||
| Bank overdrafts | 8,638 | 13,567 | ||
| MOVEMENT IN FUNDS | ||||
| Net | Transfers | |||
| movement | between | At | ||
| At 1.1.21 | in funds | funds | 31.12.21 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 112,478 | 4,729 | 18,109 | 135,316 |
| Restricted funds | ||||
| Gavin Higgins | (8,000) | - | 8,000 | - |
| General Restricted | 15,859 | 22,304 | (26,109) | 12,054 |
| 7,859 | 22,304 | (18,109) | 12,054 | |
| TOTAL FUNDS | 120,337 | 27,033 | - | 147,370 |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Gains and | Movement | |
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 21,070 | (30,195) | 13,854 | 4,729 |
| Restricted funds | ||||
| General Restricted | 22,304 | - | - | 22,304 |
| TOTAL FUNDS | 43,374 | (30,195) | 13,854 | 27,033 |
| Comparatives for movement in funds | ||||
| Net | ||||
| movement | At | |||
| At 1.1.20 | in funds | 31.12.20 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 120,017 | (7,539) | 112,478 | |
| Restricted funds | ||||
| Gavin Higgins | 12,500 | (20,500) | (8,000) | |
| General Restricted | 359 | 15,500 | 15,859 | |
| 12,859 | (5,000) | 7,859 | ||
| TOTAL FUNDS | 132,876 | (12,539) | 120,337 |
11. LOANS
12.
continued...
Page 10
The Richard Thomas Foundation
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2021
12. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 15,006 | (22,545) | (7,539) |
| Restricted funds | |||
| Gavin Higgins | - | (20,500) | (20,500) |
| General Restricted | 18,134 | (2,634) | 15,500 |
| 18,134 | (23,134) | (5,000) | |
| TOTAL FUNDS | 33,140 | (45,679) | (12,539) |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | Transfers | ||||
|---|---|---|---|---|---|
| movement | between | At | |||
| At 1.1.20 | in funds | funds | 31.12.21 | ||
| £ | £ | £ | £ | ||
| Unrestricted funds | |||||
| General fund | 120,017 | (2,810) | 18,109 | 135,316 | |
| Restricted funds | |||||
| Gavin Higgins | 12,500 | (20,500) | 8,000 | - | |
| General Restricted | 359 | 37,804 | (26,109) | 12,054 | |
| 12,859 | 17,304 | (18,109) | 12,054 | ||
| TOTAL FUNDS | 132,876 | 14,494 | - | 147,370 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 36,076 | (52,740) | 13,854 | (2,810) |
| Restricted funds | ||||
| Gavin Higgins | - | (20,500) | - | (20,500) |
| General Restricted | 40,438 | (2,634) | - | 37,804 |
| 40,438 | (23,134) | - | 17,304 | |
| TOTAL FUNDS | 76,514 | (75,874) | 13,854 | 14,494 |
13.
RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2021.
Page 11