Company registration number.. 07351786 Charity registration number: 1138836 OSCR registration number: SC042755 Life with Art (A company limited by guarantee) Annual Report and unaudited Financial Statements for the Year Ended 31 March 2024
Life with Art Contents http'.Ilwww.lifewithart.co.ukl Reference and Administrative Details Trustees, Report 2to5 Statement of Trustees, Responsibilities Independent Examinerfs Report 7t08 Statement of Financial Activities Balance Sheet 10 Notes to the Financial Ststements 11 to19
Life with Art Reference and Administrative Details Chairman DNSPigott Trustees APRMain DNSPigott IAMReid Principal Office St Brandons House 29 Great George Street Bristol BS1 5QT Registered Office Freshford House Redcliffe Way Bristol BS1 6NL Charity Regislration Number 1138836 Company Registration Number 07351786 OSCR Reglstratlon Number SC042755 Solicitors vwv Narrow Quay Bristol BS14QA Bankers Handelsbanken 66 Queen Square Bristol BS14JP Auditors Milsted Langdon LLP Chartered Accountants Freshford House Redcliffe Way Bristol BS1 6NL Page 1
Life with Art Trustees. Report The Trustees, who are directors for the purpose of company law, are pleased to present their annual Trustees, report together with the financial statements of the Charity for the year ended 31 March 2024, which are also prepared to meet the requirements for a Trustees. report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and Reporting by Charilies.. Slatement of Recommended Practice applicable to Charities preparing their accounts in accordance with Financial Reporting Standard 102. The principal office of the Charity is: St Brandons House 29 Great George Street Bristol BS15QT STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document Life with Art is a company limited by guarantee, as defined by the Companies Act 2006, and governed by its Memorandum and Articles of Association dated 20 August 2010. It is registered as a charity with both the Charity Commission (registration number 1138836) and the Office of the Scottish Charity Regulator (registration number SC042755). Organisational structure and management of the Charity by the Board of Trustees The Trustees are responsible for strategy, policy and financial oversight of the charity. The Board of Trustees administers the Charity and meets quarterly. The current Chairman, D N S Pigott, is appointed by the trustees to manage the day-to4ay operations of the Charity. To facilitate effective operations the Chaimian has delegated authority, within terms of delegation approved by the Trustees, for operational matters including finance, employment and all other related activities. The Trustees who served during the year are listed on page 1, along with the details of professional organisations who have provided services or advice to the charity during the year ended 31 March 2024. Recruitment and appointment of new Trustees As set out in the Articles of Association there must be at least three Trustees at all times. None of the Trustees are obliged to serve fixed terms nor relire on rotation. When considering co-opting Trustees, the board has regard to the requirement of any specialist skills needed. Inductlon and tralnlng of new trustees New Trustees undergo an orientation day to brief them on their legal obligations under Charity and Company law, the Charity Commission guidance on public benefit and infomi them of the conlent of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan and recent financial perfomance of the Charity. During the induction day they will meet key employees and other Trustees. Trustees are encouraged to attend appropriate extemal training events where these will facilitate the undertaking of their role. Page 2
Life with Art Trustees. Report Pay policy for senior staff The Trustees consider themselves members of key management personnel of the Charity in charge of directing and controlling, running and operating the charity on a day to day basis. All Trustees give up their time freely and do not claim any expenses incurred. The pay of senior staff is reviewed annually by the Trustees. Related parties and subsidiary undertakings The Charity's wholly owned subsidiary, Life With Art Trading Limited, was established to operate those activities which are outside the scope of the Charity's objectives. Investmenl policy The Trustees, having regard to the liquidity requirements of operating the Charity, have kept available funds in an interest-bearing account and would, in normal circumstance, seek to achieve a rate of interest which matches or exceeds inflation as measured by the retail prices index. Due to wider economic circumstances this aim was not achieved in the year. The Trustees are now exploring further options to achieve this objective. Risk management The Trustees have a duty lo identify and review the risks to which the Charity is exposed and to put systems into place to mitigate these risks. The Trustees have carried out a risk assessment review of risks to the Charity. These include Health and Safety. Employment law, security, and financial operationslliquidity. Risks are identified Ihroughout the period and discussed at each Trustees meeting. Actions are taken to mitigate any risk wherever possible. OBJECTIVES AND ACTIVITIES Objectives and activities The Trustees confirm that they have complied with their duty under the Charities Act 2011 to have due regard to the Charity Commission's guidance on public benefit when planning and reviewing the aims, objectives and activities of Life With Art. The purposes and aims of the Charity are: To advance the education of the public in the arts, including (but not limited to) young people and disabled people- To promote the relief of disabled people,. and To advance for the benefit of the public such other exclusively charitable purposes (in accordance with the laws of England and Wales and Scotland) as the Trustees of the Charity shall from time to time select. Through the education of young people and disabled people the Charity wishes to maximise the public benefit and ultimately its legal purposes. Page 3
Life with Art Trustees. Report Strategies The strategies in place to achieve the purposes and aims of charities and by which way the success of the Charity is measured include: Increasing the quantity of workshops offered- Increasing exposure on social media, with the use of blogs and other engaging media in order to promote the charitable purposes- Increasing awareness of the therapeutic nature of art through organising and facilitating art competitions. and Increasing local involvement through sustained community out-reach programmes at each Charity art centre. ACHIEVEMENT AND PERFORMANCE Achievements against objectives During the year the Charity operated 13 seperate Charitable Art Centres throughout the UK. The Charity continues to run exhibitions, workshops and events and to update blogs on the Charity's activities to promote those activities and the benefits of art in education. FINANCIAL REVIEW The Trustees have re-eslablished their policy of supporting other charities through grants totalling £3,270 12023.. £1,800). During the year, the charity received total incoming resources of £326,361 (2023: £337,744). After tsking into account grants and other expenses of £360,269 {2023.' £228,569}, the funds of the charity have decreased during the year by £33,908 (2023: increase of £109,175). The Trustees consider the financial position of the funds of the charity to be satisfactory. FUTURE PLANS The Charity is hopeful of increasing the number of Charity Art Centres Ihroughout the next financial year. The Trustees aim is to find new suitable venues and keep incoming resources at as high a level as possible to enable it to continue to support as many of its clients as possible though art workshops, events and art competitions. Reserves Policy It is the policy of the Trustees to maintain unrestricted funds, which are the free reserves of the Charity, at a level to enable the Charity to meet its regular grant commitments for four months (£11,200) in the event of a substantial fall in the Charity's income. The free reserves as at 31 March 2024 are £558,845 (2023: £592,753). Small companies. provision This report has been prepared in accordance with the small companies, regime under the Companies Act 2006. Page 4
Lrfe with Art Trustees. Report Trustees and offlcers Tho trusteos and officers 3eThlng during the year and since ihe year end were as follows: Trustees.. APRMain DNSPigott IAMR8id Chairman: DNSPigott Dlselosurn of Informatlon to auditor Each member has taken steps that they ought to have taken as a member in order to make Ihvm5elves aware of any relevant auclit infomiation and to establish that the charity's auditor is aware of that information. The Trustees confimi that thwe is no relevant informatlnn Ihat they know of and of which they know the auditor is unaware. ThA Anniia éport w behalf by.. s approv by tho Trudoog of tho ¢hority on .2ft and ?igned oli S1¥ igo anandT Chair st0• Page 5
Life with Arl Statement of Trustees. Responsibilities The Trustees (who are also the directors of Life wryth Art for the purpos08 of company law) are responsible for preparing the Trustees. report and the financial statements in accordance with applicabla law and Unttod Kin9dom Accounting Standards (United Klngdom Generally Accepted Accounting Practice), including FRS 102 Yhe Financial RepcKting Standard applicable in the UK and RepubliG of Irel<irid". Company law requiros tho Trustees to prepare financial blalements for each financial year. Under company law the Trustees must not approve the financial statements unless th8y are satisfied thal they give a Irue an¢J falr vlew of the stale of affairs of the charitable Company and of the incoming resources and application of resources. includino its incom8 and p.xpendilur8, of th8 charltablo company for that period. In preparing these financial statements, the Trustees are required to: )¥11 sullable accouniing Poliaes and apply them consiSteny. obs• the method* and prin¢iple8 in the Charities SORP," make judgements and estimates that are reasonabl• and prudent: state whether applicable accounting standards, comprisino FRS 102 havé hAftn followed. subject to any material departures disclosed and explained in the financial stalemenls,. and prepare tht) financlal statements on Ihe going concern basis unless it is inappropriate to presume that the charitable company b%fjll continu6 in business. The Trustees are responsible for keeping proper accounting records that can disclose wlth raasonable aGGuracy <$1 any tlme Ihe flnanclal posltlon ol the charitable company and enable them to ensure that the financial statements comply with the Companies A 2006. Thfty also rgsponsible for safeguarding the assets of the charitable company and hence for taklng reasonable st8ps for the prevention and d0toc.tlon ot fraud and other irrogularities. The Trustees are responsible for the maintenance and integrity af the eorporate and financial InforTnation Included on the chantable companls webslte. Legislation goveming the preparation and dlss8mination of financial slatoments may diffor from Icgislation in other jurisdictions. Approved theT es of the charity on .1).24 and signed on its behalf by. Chair nandt stae
Life with Art Independent Examinerfs Report to the trustees of Life with Art ('the Companw) I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and basis of report As the charity's Trustees of Life with Art (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 {'Ihe 2006 Act,) the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotlandl Regulations 2006 (as amended). The charity trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44111 (c) of the Act and to state whether particular matters have come to my attention. Having satisf18d myself that the accounts of Life with Art 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 examlner's statement Since Life with Art's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of ACCA, which is one of the listed bodies. I have completed my examination. I confinn that no matters have come to my attention in connection with the examination giving me cause to believe- 1. accounting records were not kept in respect of Life with Art 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 Practi for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 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. Page 7
Life with Art Independent Examiner's Report to the trustees of Life with Art ('the Company.) rf.*J L L. LLP R E Rawle FCCA Milsted Laiigdon LLP Freshford House Redcliffe Way Bristol BS16NL Date.. Page 8
Life with Art Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and StatemÉnt of Total Recognised Gains and Losses) Unr•strlcl•d funds Tolal 2024 Total 2023 Note Income and Endowmont8 from: Donations and legacies Other income 316.918 9,443 318,918 9,443 337.744 Total income 326.361 326,361 337 744 Expendlture on: Charitable dLtivities 360,269 360,269 (228,569 Tolal expendlture Net (expenditurewincome Net movement in funds Reconclllatlon of funds Total funds brought forward Total funds carried forward 360.269 360,269 228.569 {33,908 (33,908 109,175 (33,908) (33,908) 109,175 592,753 558.845 592,753 483,578 592,753 14 558,845 All of the charity's activitie8 darive from continuing opérations during the abeve trwo periods. There were no gains or losses other than Ihose stated above. The funds breakdovm for 2023 is shown in note 16. The notes on pages 11 to 19 fomi an integral part of these financial statements. Page 9
Life with Art (Registration number: 07351786) Balance Sheet as at 31 March 2024 2024 2023 Nole Fix•d a$set8 Tangible assets Investments 3,054 3,482 10 3,055 3,483 Current assets Debtor? Cash al bank and in hand 39,340 536.568 343,981 248.389 12 .fj75.908 592.370 Credltors: Amounts falllng du• wfthln one year Net current assots 13 20.118 .3.1no 555.790 589.270 Net assets 558.845 592.753 Fund8 of the charity: Unrostrlcled Incom• funds Unrestricted funds 558,845 592,753 Total funds 14 558,845 592,753 For the financial year ending 31 March 2024 the charfty was entitled to exemption from audit undor section 477 of the Companles Act 2006 relating to small companles. Dlrectors, r8sponsibilities- The members have not required the charlty to obtain an Aiidit nf itq ArrThintg for th• y•ar In question in accordance with section 476: and The dlrectors acknowledge thr reSpsibIlItieS ICY complying wth the requirements of the Act with respect to accounting records and the preparation of accounts. The fi an on Xc.i¢. ial statements on pages 9 to 19 wer8 approved by the Trustees, and authorised for Issue and signed on thair behalf by: Chair rustee The nolea on pages 11 to 19 fomi an integiaS pail uf u1 fiii¢aflbi<*l bidletnenl5. Page 10
Life with Art Notes to the Financial StatemÉnts for the Year Ended 31 March 2024 1 Charlty status The charity is lirniled by guarantee, incorporated in UK, and consequently does not have share capital. Each of the Trustees is liable to contribute an amount not exceeding £1 towards tho asset8 of the charity in the event of liquidation. The address of its registered office is". Freshford House Redcliffe Way Bristol 8S16NL The principal place of business is: St Brandons House 29 Gr8al Gaorge Street Bristol B31 5QT Theso financial statements were authorised for issue by the Trustees on .*£..l i i 1% 2 Accountlng pollel•s Summary of slgnlflcant accountlng pollcles and key accountlng estlmates The principal accounting policies applied in the preparation of these financial statements are set out helow. These policies hav8 bean consistcntly applied to all the years yie¥eriled, unless otheNlse stated. Statement of compllance The finanr.ial statements have been prepared In accordance with Ac¢ounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in dLGviddllLe wltn the Flnancial Reporting standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) Companies Act 2006. Ba8ls of preparallon Life with Art meets the definition of a public benefft enttty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheThvise stated in the relevant accounting policy notes. Golng concern At Ihe time of approving the financial statemenls. the Trustees have reasonable expectation that the charitabl8 company will havc adequate resources to continue in operiltional existence for the foreseeable future. Therefore, the Trustees continue to adopt the going concern basis in preparing the financial statements. Group accounts not prepared The Charity has not prepared group accounts due to qUa[rf.ng as being part of a small qroup. Page11
Life with Art Notes to the Financial Statements for the Year Ended 31 March 2024 Income and endowments All income is recognised once the Charity has entitlement to the income, il is probable that the income will be received and the amount of the income receivable can be measured reliably. Deferred income Deferred income represents amounts received for future periods and is released to incoming resources in the period for which it has been received. Such income is only deferred when: The donor specifies that the grant or donation must only be used in future accounting periods., or The donor has imposed conditions which must be met before the charitable group has unconditional entitlement. Expenditure All expenditure is 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. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Charltable actlvltles Charitable expenditure comprises those costs incurred by the charity 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. Other expendlture Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources. Governance costs These include the costs attributable to the charities, compliance with constitutional and statutory requirements, including audit, strategic management and Trustee's meetings and reimbursed expenses. Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is polentially exempt from taxalion in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the exlent that such income or gains are applied exclusively to charitable purposes. The trading subsidiary recognises the current income tax charge on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income. Page 12
Life with Art Notes to the Financial Statements for the Year Ended 31 March 2024 Tangible fixed assets Fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows- Asset class Furniture and equipment Depreclatlon method and rate 25°/0 on reducing balance Flxed asset Investments Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Ststement of Financial Activities based on the market value at the year end. Trade debtors Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade creditors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional righl to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Page 13
Life with Art Notes to the Financial Statements for the Year Ended 31 March 2024 Fund structure Unrestricted income funds are general funds that are available for use at the Trustees discretion in furtherance of the objectives of the charity. Financial instruments Classification Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments a classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Recognition and measurement All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right lo set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. Investments Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored. Page 14
Life with Art Notes to the Financial Statements for the Year Ended 31 March 2024 3 Income from donations and legacies Unrestricted funds General Total 2024 Total 2023 Donations and legacies; Donations from companies. trusts and similar proceeds 316,918 316,918 337,744 316,918 316,918 337,744 £316,91812023 £337.744) of the income above was attributable to unrestricted funds and £Nil (2023 £Nill attributable to restricted funds. 4 Other Income Unrestricted funds General Total 2024 Other income 9,443 9,443 £9,443 (2023 £Nil) of the income above was attributable to unrestricted funds and £Nil (2023 £Nil) attributable to restricted funds. 5 Expenditure on charitable activities Unrestricted funds General Totsl 2024 Total 2023 Note Artists, fees, materials and expenses Independent examinerfs fees 357,380 2,889 357,380 2,889 226,394 2,175 360,269 360,269 228,569 All expenditure recognised within this classification is accounted for within unrestricted funds, for both the current and preceding financial year. Page 15
Life with Art Notes to the Financial Statements for the Year Ended 31 March 2024 6 Net incomingloutgoing resources Net (outgoing)/incoming resources for the year include: 2024 2023 Depreciation of fixed assets 922 1,161 7 Trustees remuneration and expenses No Trustees, nor any persons connected with them, have received any remuneration from the charity during the year. No trustees have received any reimbursed expenses or any other benefrts from the charity during the year. 8 Taxalion The charity is a registered charity and is therefore exempt from taxation. 9 Tangible fixed assets Furniture and equipment Total Cost At 1 April 2023 Additions 15,685 494 15,685 494 At 31 March 2024 16,179 16,179 Depreciation At 1 April 2023 Charge for the year 12,203 922 12,203 922 At 31 March 2024 13,125 13,125 Net book value At 31 March 2024 3,054 3,054 At 31 March 2023 3,482 3,482 Page 16
Life with Art Notes to the Financial Statements for the Year Ended 31 March 2024 10 Fixed asset investments 2024 2023 Shares in group undertakings and participating interests Shares in group undertakings and participating interests Subsidiary undertaklngs Total Cost At 1 April 2021 and 31 March 2022 Net book value As at 1 April 2021 and 31 March 2024 Details of undertakings Details of the investments in which the charity holds 200/0 or more of the nominal value of any class of share capital are as follows: Country of Incorporatlon Proportion of voting rlghts and shares held 2024 2023 Principal activity Undertaklng Holdlng Subsidiary undertakings Life With Art Trading England and Limited Wales Ordinary 100% 100% Operation of arts facilities The profit for the financial period of Life With Art Trading Limited was £314,74912023 - £209,592) and the aggregate amount of capital and reserves at Ihe end of the year was £1 (2023 - £1 >. 11 Debtors 2024 2023 Due from group undertakings Prepayments 31,999 7,341 337,744 6,237 39,340 343,981 Page 17
Life with Art Notes to the Financial Statements for the Year Ended 31 March 2024 12 Cash and cash equivalents 2024 2023 Cash at bank 536,568 248,389 13 Creditors: amounts falling due within one year 2024 2023 Trade creditors Accruals 164 2,936 20,118 20,118 3,100 14 Funds Balance at 1 Aprll 2023 Incoming resources Resources Balance at 31 expended March 2024 Unrastricled funds General Unrestricted general fund 592,753 316,918 350,826 558,845 Balance at 1 Aprbl 2022 Incoming resources Resources expended Balance at 31 March 2023 Unrestricled funds General Unrestricted general fund 483,578 337,744 {228,569 592,753 The specific purposes for which the funds are to be applied are as follows: Unrestricted general funds are funds that are available for use at the Trustee's discretion in furtherance of the objectives of the Group. Page 18
Life with Art Notes to the Financial Statements for the Year Ended 31 March 2024 15 Analysis of net assets between funds Unrestricted General Total funds 2024 Tangible fixed assets Fixed asset investments Current assets Current liabilities 3,054 3,054 575,908 20,118) 575,908 20,118 Total net assets 558,845 558,845 Unrestricted General Total funds 2023 Tangible fixed assets Fixed asset investments Current assets Current liabilities 3.482 3,482 592,370 3,100 592,370 3,100 Total net assets 592,753 592,753 16 Analysls of net funds At 1 April 2023 Financing cash flows At 31 March 2024 Cash at bank and in hand 248,389 288,179 536,568 Net debt 248,389 288,179 536,568 At 1 Aprll 2022 Flnanclng At 31 March cash flows 2023 Cash at bank and in hand 477.864 {229,475 229,475 248,389 Net debt 248,389 17 Related party transactlons Transactions with the wholly owned entities of the group are not disclosed in accordance with exemptions available under FRS 102 Section 33. Page 19