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2023-03-31-accounts

REGISTERED COMPANY NUMBER: 07344461 (England and Wales) REGISTERED CHARITY NUMBER: 1139269

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

SOUTHAMPTON 2025 TRUST TRADING AS SOUTHAMPTON FORWARD

Hopper Williams & Bell Limited Chartered Accountants Highland House Mayflower Close Chandler's Ford Eastleigh Hampshire SO53 4AR

SOUTHAMPTON 2025 TRUST TRADING AS SOUTHAMPTON FORWARD

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 5
Statement of Trustees' Responsibilities 6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9 to 10
Notes to the Financial Statements 11 to 17

SOUTHAMPTON 2025 TRUST TRADING AS SOUTHAMPTON FORWARD

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2023

TRUSTEES Ms S H Permalloo (resigned 11.11.22)
Ms S Kaur
T J Keeping
Ms J L Hall
Ms A O'Neill (resigned 31.10.22)
Lady S M Woodford-Hollick
Ms L K Read
M D Harris
Professor N McDuff (resigned 11.11.22)
Councillor M G Guthrie (appointed 26.7.22) (resigned 21.11.22)
S P Williams (appointed 14.10.22)
Ms S Radif (appointed 25.1.23)
M D Ockwell (appointed 25.1.23)
REGISTERED OFFICE Southampton Solent University
East Park Terrace
Southampton
Hampshire
SO14 0YN
REGISTERED COMPANY 07344461 (England and Wales)
NUMBER
REGISTERED CHARITY 1139269
NUMBER
INDEPENDENT EXAMINER Hopper Williams & Bell Limited
Chartered Accountants
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR

Page 1

SOUTHAMPTON 2025 TRUST TRADING AS SOUTHAMPTON FORWARD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

The Trustees, who are also directors for the purposes of company law, present their report and the unaudited financial statements of the company for the year ended 31 March 2023, which are also prepared to meet the requirements for a director’s 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 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) (Charities SORP (FRS 102)).

OBJECTIVES AND ACTIVITIES

The Trust continued to pursue its objective of broadening opportunities for public engagement in culture through advocacy and fundraising on behalf of cultural projects in Southampton. In the period covered by the report, under the appointment of the Director the aims of the organisation are being delivered.

Page 2

SOUTHAMPTON 2025 TRUST TRADING AS SOUTHAMPTON FORWARD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

ACHIEVEMENT AND PERFORMANCE

Following an intense period of activity for Southampton's bid for UK City of Culture 2025 (CoC), in March 2022 Southampton was announced as one of the four shortlisted cities, making us the first ever finalist from the south coast. The work undertaken during the bid brought the city and region together, with support from communities and organisations from across the city's culture and business sectors, including Southampton City Council, University of Southampton, Solent University, GO! Southampton, and businesses including Toob, Paris Smith, Westquay, ABP and further members of our Gateway business club.

We then entered into the final stages of the bid with the UK City of Culture Independent Expert Panel visit in May 2022, led by Sir Phil Redmond CBE. The panel toured the city on foot, by boat, by bus and car, starting at God's House Tower, visiting Millbrook and Northam and also stopping at St Mary's Football Stadium. Along the way, they met with local community groups, artists and businesses who were supporting Southampton's bid. The judges were shown the city's connection with the water first hand on a boat trip on the Solent, which included a spectacular flyboarding demonstration on the water and a sail past Western Shore where hundreds of school children from Weston Park Primary School enthusiastically cheered and waved, clearly demonstrating their support of the bid to the judges.

The panel then enjoyed a lunch at City College, prepared by some of their hospitality students under the guidance by MasterChef winner and UK City of Culture Ambassador Shelina Permaloo, alongside local charity, City Catering. The lunch featured a series of dance, art and theatre performances by local artists and organisationsand the lunch tables were dressed by some embroidered table runners specially created by the city's Women's Integration Group.

The day was rounded off with a visit to the Old Town and the Cultural Quarter.

Then followed an abridged visit from the Minister of Arts, Lord Parkinson, who remarked on the 'pride in place' evident in Southampton, before the final formal presentation to the Expert Panel the following day by Shelina Permalloo, Claire Whitaker, Cllr Satvir Kaur and Professor Fraser Sturt at the offices of the Department for Digital, Culture, Media and Sport (DCMS).

On 31st May 2022, Bradford was announced as the winner of the UK City of Culture competition for 2025.

While we were obviously very disappointed in the final outcome, the feedback for Southampton's bid from both the judges and the DCMS, emphasised the quality of the submission itself, as well as the associated elements of the judges visit, panel interviews and presentation. The support and commitment for the UK City of Culture bid from individuals, communities, organisations and businesses was incredible and key to the momentum and goodwill brought about during the bid process was the multi-stakeholder consultation undertaken involving people and communitygroups, businesses, cultural organisations and regional partners.

There are so many people to thank for their efforts and we extend our gratitude to everyone who was involved and for the passion, commitment and excitement displayed by all involved. Appendix A lists many of these people and organisations that we would like to extend our thanks to.

Some of the key statistics that highlight the extent of the citywide collaboration and commitment are:

Page 3

SOUTHAMPTON 2025 TRUST TRADING AS SOUTHAMPTON FORWARD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Whilst Southampton did not win, all those involved in Southampton 2025 Culture Trust were extremely proud of the activity, engagement and legacy of the bid. The benefits to the city were clear, with the campaign engaging local communities and reaching over 1bn people in total. The work generated financial investment, cross-community communication and galvanised some of Southampton's fragmented cross-sector communities whose aspirations and expectations were raised to unprecedented levels.

A mandatorypart of the bid process was to prepare a 'Plan B' to identify how elements could be taken forward if the city did not win UK City of Culture 2025, all be it at different scale and pace. After discussion and consultation with key partnersand stakeholders, this 'Plan B' then formed the basis for the new direction for Southampton Culture Trust, with a remit across culture, tourism, festivals and events.

A period of planning took place from June through to December 2022, with Claire Whitaker announced as CEO in September 2022 and a portfolio of events selected from the UK City of Culture bid programme, all designed and developed through consultation with communities in Southampton. The portfolio includes a series of co-curated events all centred on the value of 'Belonging' (a strong theme in the consultation process), mass-participationcelebrations of the people and heritage of Southampton, projects with a focus on health & wellbeing as well as others that focus on providing sector support and capacity-building across the city.

Claire Whitaker's role in the UK City of Culture bid was integral to the quality and success of the bid and her appointment as CEO brings with it her experience, knowledge and skills to take forward the organisation's momentum and success. We were all delighted that Claire Whitaker's was awarded CBE during the year for her services to Arts and Culture.

Southampton City Council, University of Southampton, Solent University, GO! Southampton, Mayflower Theatre and Paris Smith all signed up to partner with us, providing both financial and in-kind support. This backing, together with £125,000 from the DCMS awarded to runner up cities, enabled us to apply for the ACE Place Partnership funding in November 2022. At the start of 2023 we were informed that we have been successful in this application and awarded a £1.57million grant for the three-year period to 2026. In addition to the direct grant to the Trust, as part of the legacy of the UK City of Culture bid, Southampton receives £11.5 million of Arts Council Englandin their latest round of funding as investment in culture across the city.

In February 2023, and with funding from the DCMS grant, the Southampton Forward Culture Conference took place in MAST Mayflower Studios. The conference delivered a diverse programme of speakers and panellists that focused on some of the key themes emerging from the consultation, including Driving Change, Spotlighting Our Young People, Focusing on Health, Developing Heritage and Celebrating Community. The conference was called Southampton Forward and following positive engagement and support for this name, the decision was made to adopt Southampton Forward as the new name for our organisation.

Laura Read, General Manager of Westquay, was appointed as Interim Chair of Trustees in November 2022 and the Trustee Board was further strengthened by the appointment of Sarah Radif, Head of Architecture, Design and Build at Solent University; Michael Ockwell, CEO of Mayflower Theatre; and Shaun Williams, Executive Director of Engagement and Advancement at the University of Southampton. In March 2023 recruitment for the new Southampton Forward team commenced, and by mid-July 2023 all eight members of the permanent team were appointed.

We look forward to the start of a new chapter for the organisation, built on the foundations of the community consultation that the work of the bid delivered. Southampton Forward will work across all 17 wards of Southampton, delivering a programme of events informed by the UK City of Culture consultation. The programme will celebrate the many storytellers, change makers and cultural innovators in communities across Southampton, promote wellbeing, celebrate and make the most of the city cultural assets, develop a new generation of civic leaders and embed greater capacity and financial resilience for Southampton's future.

Page 4

SOUTHAMPTON 2025 TRUST TRADING AS SOUTHAMPTON FORWARD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

FINANCIAL REVIEW

Reserves policy

At 31 March 2023, the Trust's work was focussed on the set up of the organisation for its new activity as Southampton Forward. The charity had a minimal requirement for working capital to cover its day-to-day operations. The process of the recruitment of staff was in progress and overheads were at a low level. The total reserves available to the charity at 31 March 2023 are £190,527 (2022: £454,106).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Southampton 2025 Trust is an incorporated charity under the terms of the Company's Articles of Association and the Charity Memorandum issued on 24 May 2010 and revised 6 November 2020.

Southampton 2025 Trust has appointed a board of Trustees to run the charity and they appoint a chairperson who oversees the board of Trustees.

The Trustees have examined the major strategic and operational risks which the charity faces and confirms that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to mitigate these risks.

We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aim and objectives and in planningour future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives it has set.

INDEPENDENT EXAMINER

Michaela Johns FCCA has been appointed as independent examiner for the ensuing year.

20 Dec 2023 Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................

Ms L K Read - Trustee

Page 5

SOUTHAMPTON 2025 TRUST TRADING AS SOUTHAMPTON FORWARD

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023

The trustees (who are also the directors of Southampton 2025 Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally 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 incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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.

Page 6

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SOUTHAMPTON 2025 TRUST

Independent examiner's report to the trustees of Southampton 2025 Trust ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 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 examinationof 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:

  1. 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 accountingand reportingby charities (applicable to charitiespreparingtheir 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 examinationto which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Michaela Johns (FCCA) The Association of Chartered Certified Accountants

Hopper Williams & Bell Limited Chartered Accountants Highland House Mayflower Close Chandler's Ford Eastleigh Hampshire SO53 4AR

20 Dec 2023 Date: .............................................

Page 7

SOUTHAMPTON 2025 TRUST TRADING AS SOUTHAMPTON FORWARD

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
-
Charitable activities
3
Partnership agreements for City of Culture
-
Total
-
EXPENDITURE ON
Charitable activities
4
Projects - City of Culture
8,694
NET INCOME/(EXPENDITURE)
(8,694)
Transfers between funds
13
7,799
Net movement in funds
(895)
RECONCILIATION OF FUNDS
Total funds brought forward
9,328
TOTAL FUNDS CARRIED FORWARD
8,433		 Restricted
fund
£
125,000
15,000
140,000
394,885
(254,885)
(7,799)
(262,684)
444,778
182,094		 2023
Total
funds
£
125,000
15,000
140,000
403,579
(263,579)
-
(263,579)
454,106
190,527		 2022
Total
funds
£
293,400
313,452
606,852
534,515
72,337
-
72,337
381,769
454,106

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 8

SOUTHAMPTON 2025 TRUST TRADING AS SOUTHAMPTON FORWARD

BALANCE SHEET 31 MARCH 2023

Notes
FIXED ASSETS
Tangible assets
9
CURRENT ASSETS
Debtors
10
Cash at bank
CREDITORS
Amounts falling due within one year
11
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
13
Unrestricted funds:
General fund
Restricted funds:
City of Culture
TOTAL FUNDS		 2023
£
7,799
125,533
1,006,142
1,131,675
(948,947)
182,728
190,527
190,527
8,433
182,094
190,527		 2022
£
-
100,907
476,070
576,977
(122,871)
454,106
454,106
454,106
9,328
444,778
454,106

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

Page 9

SOUTHAMPTON 2025 TRUST TRADING AS SOUTHAMPTON FORWARD

BALANCE SHEET - continued 31 MARCH 2023

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

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 20 Dec 2023

............................................. L K Read - Trustee

The notes form part of these financial statements

Page 10

SOUTHAMPTON 2025 TRUST TRADING AS SOUTHAMPTON FORWARD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

Southampton 2025 Trust is a charitable company, limited by guarantee, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

The financial statements have been prepared in accordance with 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 (FRS102) (effective for accounting periods beginning on or after 1 January 2019) - Charities SORP (FRS102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), and the Companies Act 2006. Assets and liabilities are initially recognised as historical cost or transaction values unless otherwise stated in the relevant accounting policy notes.

The going concern basis of accounting has been applied. This is considered to be appropriate by the Directors and Trustees on the assumption that continuing support will be forthcoming from Southampton City Council, other Southampton based partners and a range of local and national funders.

The Charity's principal activities and nature of its operations are as detailed in the Trustees report.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

Income

All incoming resources are included in the statement of financial activities when the charity is entitled to, and there is sufficient certainty that receipt of the income is considered probable, and the income and the amount can be quantified with reasonable accuracy.

Incoming donations are accounted for in the period in which they are made. Donated services and facilities are included at the value to the charity where this can be quantified.

No value is ascribed to the voluntary work provided by the various individuals within the Southampton 2025 Trust, many of whom give their time generously to promote the city's culture and its history.

Expenditure

Expenditure is classified under the following activity headings:

  1. Charitableactivities – these are the administrativeexpenses involved in the general fund-raisingroutines of the charity and its donations made.

  2. Governance costs – represents the stewardship expenses incurred during the year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment - Straight line over 3 years

Taxation

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

continued...

Page 11

SOUTHAMPTON 2025 TRUST TRADING AS SOUTHAMPTON FORWARD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES - continued

Fund accounting

Funds are classified between, restricted and unrestricted in accordance with any legal constraints upon their use, and the consequent degree of flexibility which the organisationhas on using the incomingresources that give rise to the funds.

Restricted funds are subject to specific conditions or trusts imposed by the donor or the terms of a specific appeal, which are binding on the organisation.

Unrestricted funds are funds other than endowment or restricted funds and include funds designated for a specific purpose by the organisation.

2. DONATIONS AND LEGACIES

Southampton City Council
DCMS		 2023
£
-
125,000
125,000		 2022
£
253,400
40,000
293,400

3. INCOME FROM CHARITABLE ACTIVITIES

2023
Partnership
agreements
for City
of
Culture
£
Partnership agreements for City of Culture
15,000
CHARITABLE ACTIVITIES COSTS
Support
Direct
costs (see
Costs
note 5)
£
£
Projects - City of Culture
394,885
8,694		 2022
Total
activities
£
313,452
Totals
£
403,579

4. CHARITABLE ACTIVITIES COSTS

continued...

Page 12

SOUTHAMPTON 2025 TRUST TRADING AS SOUTHAMPTON FORWARD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

5. SUPPORT COSTS

Governance costs

2023 2022
£ £
Accountancy fees and payroll fees 2,400 246
Independent examination 1,600 1,200
Bank charges 40 124
Sundries 4,654 5,374
Administration costs - 148
8,694 7,092

6. TRUSTEES' REMUNERATION AND BENEFITS

A payment of £nil (2022 : £5,000) was paid to a Trustee during the year. See note 14 for further details.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.

7. STAFF COSTS

There were no employees in either the current or prior years.

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
-
Charitable activities
Partnership agreements for City of Culture
-
Total
-
EXPENDITURE ON
Charitable activities
Projects - City of Culture
7,092
NET INCOME/(EXPENDITURE)
(7,092)
RECONCILIATION OF FUNDS
Total funds brought forward
16,420
TOTAL FUNDS CARRIED FORWARD
9,328		 Restricted
fund
£
293,400
313,452
606,852
527,423
79,429
365,349
444,778		 Total
funds
£
293,400
313,452
606,852
534,515
72,337
381,769
454,106

continued...

Page 13

SOUTHAMPTON 2025 TRUST TRADING AS SOUTHAMPTON FORWARD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

9. TANGIBLE FIXED ASSETS

COST
Additions
NET BOOK VALUE
At 31 March 2023
At 31 March 2022
10.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Prepayments and accrued income
Partnership contributions
11.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
VAT
Accruals and deferred income
12.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
Restricted
fund
fund
£
£
Fixed assets
7,799
-
Current assets
634
1,131,041
Current liabilities
-
(948,947)
8,433
182,094		 2023
£
125,533
-
125,533
2023
£
411
948,536
948,947
2023
Total
funds
£
7,799
1,131,675
(948,947)
190,527		 Computer
equipment
£
7,799
7,799
-
2022
£
7,107
93,800
100,907
2022
£
40,219
82,652
122,871
2022
Total
funds
£
-
576,977
(122,871)
454,106

continued...

Page 14

SOUTHAMPTON 2025 TRUST TRADING AS SOUTHAMPTON FORWARD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

13. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
City of Culture
TOTAL FUNDS
Net movement in funds, included in the above are
Unrestricted funds
General fund
Restricted funds
City of Culture
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
City of Culture
TOTAL FUNDS		 At 1.4.22
£
9,328
444,778
454,106
as follows:		 Net
movement
in funds
£
(8,694)
(254,885)
(263,579)
Incoming
resources
£
-
140,000
140,000
At 1.4.21
£
16,420
365,349
381,769		 Transfers
between
At
funds
31.3.23
£
£
7,799
8,433
(7,799)
182,094
-
190,527
Resources
Movement
expended
in funds
£
£
(8,694)
(8,694)
(394,885)
(254,885)
(403,579)
(263,579)
Net
movement
At
in funds
31.3.22
£
£
(7,092)
9,328
79,429
444,778
72,337
454,106

Page 15

continued...

SOUTHAMPTON 2025 TRUST TRADING AS SOUTHAMPTON FORWARD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

13. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
City of Culture
TOTAL FUNDS		 Incoming
resources
£
-
606,852
606,852		 Resources
Movement
expended
in funds
£
£
(7,092)
(7,092)
(527,423)
79,429
(534,515)
72,337

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Restricted funds
City of Culture
TOTAL FUNDS		 At 1.4.21
£
16,420
365,349
381,769		 Net
movement
in funds
£
(15,786)
(175,456)
(191,242)		 Transfers
between
funds
£
7,799
(7,799)
-		 At
31.3.23
£
8,433
182,094
190,527

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
City of Culture
TOTAL FUNDS		 Incoming
resources
£
-
746,852
746,852		 Resources
Movement
expended
in funds
£
£
(15,786)
(15,786)
(922,308)
(175,456)
(938,094)
(191,242)

The City of Cultural fund balance is to continue the legacy of the City of Culture and contribute to the start-up costs of Southampton Forward includingenabling the application of the ACE Place-based Partnership and costs of the Culture Conference 2023.

Page 16

continued...

SOUTHAMPTON 2025 TRUST TRADING AS SOUTHAMPTON FORWARD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

14. RELATED PARTY DISCLOSURES

The following is a summary of related party transactions:

2023 2022
£ £
Southampton City Council - 253,400
Lakaz Maman - 1,200
S Permalloo - Judges Visit and Schools Lunch Project - 1,250
S Permalloo - Chair remuneration - 3,750
- 259,600

The charity enjoys a close working relationship with Southampton City Council (SCC) whose current representatives on the Board are Councillor S Kaur and M Harris. Councillor S Hopkins was on the board until February 2022.

In the prior year it was agreed by Trustees that the previous Chair of the Trust (to November 2022), would be remunerateddue to their connection with their local community, their professional skill set and the diversity they bring to the Board and also to cover any losses incurred due to Trust duties. In the prior year a payment was also made to the previous Chair in relation to services provided for the Judges Visit and Schools Lunch Project.

In addition to this, the previous Chair of the Trust is a director of Lakaz Maman, a local business that provided a service to the Trust during the bid process in the previous year.

Please refer to note 6 which also makes reference to these payments.

Page 17

APPENDIX A Organisations and Individuals involved in shaping the BID

APPENDIX A Organisations and Individuals involved in shaping the BID