VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 1/18
**Registered number: 07810467 Charity number: 1156999**
## **Adur and Worthing Trust Limited**
**(A company limited by guarantee)**
**Unaudited**
**Trustees' report and financial statements**
**For the period ended 31 March 2025**
VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 2/18
## **Adur and Worthing Trust Limited (A company limited by guarantee)**
## **Contents**
||Page|
|---|---|
|**Reference and administrative details of the Company, its Trustees and advisers**|1|
|**Trustees' report**|2 - 3|
|**Trustees' responsibilities statement**|4|
|**Independent examiner's report**|5|
|**Statement of financial activities**|6|
|**Balance sheet**|7|
|**Notes to the financial statements**|8 - 16|
VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 3/18
## **Adur and Worthing Trust Limited (A company limited by guarantee)**
## **Reference and administrative details of the Company, its Trustees and advisers For the period ended 31 March 2025**
|**Trustees**|N J Pressley, Treasurer|
|---|---|
||P Bennett|
||K Simporis|
||T Gillham|
||A Shaw|
||M Pailthorpe (appointed 1 July 2023)|
||S Jovanovic (appointed 1 March 2024)|
|**Company registered**
**number**
07810467
**Charity registered**
**number**
1156999
**Registered office**
25 Church Street
Shoreham By Sea
West Sussex
BN43 5DQ
**Accountants**
Kreston Reeves LLP
Chartered Accountants
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ||
Page 1
VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 4/18
## **Adur and Worthing Trust Limited**
## **(A company limited by guarantee)**
## **Trustees' report For the period ended 31 March 2025**
The Trustees present their annual report together with the financial statements of the company for the 17 month period to 31 March 2025. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), 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).
Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.
## **OBJECTIVES**
The objects of the Trust are the advancement of arts, culture and heritage for the public benefit in the District of Adur and the Borough of Worthing.
The Trustees have had due regard to the Charity Commission's guidance on public benefit and are satisfied that the charity meets the definition of a public benefit entity.
## **ACTIVITIES FOR ACHIEVING OBJECTIVES**
The major activity of the Trust continues to be the operation of Colonnade House (CH) in partnership with Worthing Borough Council (WBC). CH provides a creative hub and studio space for those involved in creative work and are selected against criteria that match the aims of the project.
The other main activity is the making of grants for creative commissions. Grants of £8,529 (2023: £6,375) were awarded in the year.
## **FINANCIAL REPORT AND ACTIVITIES REVIEW**
The statement of financial activities on page 6 shows a surplus of £1,412 for the 17 month period compared to a surplus of £432 for the previous year. Total unrestricted funds increased to £57,926 (2023: £56,514).
The surplus is after paying out small commission grants of £8,529 (2023: £6,375) and after receiving donations of £4,432 as a result of a fundraising campaign and a final insurance claim payment of £1,904.
Excluding these, there was a surplus on the CH activity of £3,605 (2023: £6,807). Rental income was proportionately unchanged but there was a 20% increase in gallery hire. £11,250 (2023: £Nil) was paid to WBC as a contribution to salary costs.
The trustees have agreed to increase its contribution to salary costs by £20,000 in order for CH to continue trading. They have also decided not to have a grants programme in 2025/26 so as to sustain the reserves. They expect that there will be a deficit of around £15,000 in 2025/26.
## **FUTURE DEVELOPMENTS**
During the period, it seemed possible that CH would cease to operate because of the budgetary problems faced by WBC. However in November 2024, WBC agreed that CH could continue to operate for a minimum of another year if the Trust made a further contribution of £20,000 in addition to the £9,000 previously agreed. WBC and the Trust would look at ways of increasing income, including grants, by around £35,000 this year and by at least £50,000 in a full year. The Trust can not continue to make a contribution of this size on a continuing basis.
By late summer, there will be a review of progress towards achieving this. At the time of this report, it is too early to judge the likelihood of success. If WBC conclude that income can not be increased sufficiently, then it is probable that CH will not be able to continue with its current operation.
The trustees believe that longer term prospects are good if CH can continue to trade as it will benefit from expansion into the adjoining building and the improvements to the building that are being funded by Arts Council England.
Page 2
VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 5/18
## **Adur and Worthing Trust Limited**
## **(A company limited by guarantee)**
## **Trustees' report (continued) For the period ended 31 March 2025**
## **GOING CONCERN**
Based on the future developments sections and the current level of reserves that the Trust holds, the Trustees consider that they have a sufficient level of reserves to continue the charity’s operations for a period of at least 12 months from the signing of the accounts and therefore the Trustees have concluded that it remains appropriate for the accounts to be prepared on the going concern basis. They will not be able to continue to run CH if the losses incurred were to continue beyond this period of time.
## **FINANCIAL RISK MANAGEMENT**
The risk to the Trust was that it would be exposed to increased costs if rent and salary costs were charged by WBC. The decision to only charge rent means that CH can trade profitably.
## **RESERVES POLICY**
The Trust has sufficient reserves to meet its contribution to WBC in the current year. Any further modest contribution would only be made if it could be afforded. If it ceases to operate CH, then any remaining funds would be paid out in a grant making programme or transferred to an organisation with similar aims and objectives.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The company is registered as a charitable company limited by guarantee and constituted under a Memorandum of Association. It is a registered charity number 1156999.
The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Page 3
VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 6/18
## **Adur and Worthing Trust Limited**
## **(A company limited by guarantee)**
## **Statement of Trustees' responsibilities For the period ended 31 March 2025**
The Trustees (who are also the directors of the Company 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 (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on its behalf by:
Page 4
VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 7/18
## **Adur and Worthing Trust Limited**
## **(A company limited by guarantee)**
## **Independent examiner's report**
**For the period ended 31 March 2025**
## **Independent examiner's report to the Trustees of Adur and Worthing Trust Limited ('the Company')**
I report to the charity Trustees on my examination of the accounts of the Company for the period ended 31 March 2025.
## **Responsibilities and basis of report**
As the Trustees of the Company (and 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 the Company's accounts 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 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.
This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
Lucy Hammond 30 Jul 2025 12:44:25 BST (UTC +1) 30 July 2025 Signed: Dated:
Lucy Hammond, BSc FCA
## **Kreston Reeves LLP**
Chartered Accountants 9 Donnington Park 85 Birdham Road Chichester West Sussex PO20 7AJ
Page 5
VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 8/18
## **Adur and Worthing Trust Limited**
## **(A company limited by guarantee)**
## **Statement of financial activities (incorporating income and expenditure account) For the period ended 31 March 2025**
|**Note**
**Income from:**
Grant Income
3
Charitable activities
4
Fundraising Income
5
Other Income
6
**Total income**
**Expenditure on:**
Charitable activities
**Total expenditure**
**Net income/(expenditure)**
Transfers between funds
13
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**17 months**
**ended**
**31 March**
**2025**
**£**
**-**
**92,686**
**4,432**
**1,904**
**99,022**
**97,574**
**97,574**
**1,448**
**(36)**
**1,412**
**56,514**
**1,412**
**57,926**|**Restricted**
**funds**
**17 months**
**ended**
**31 March**
**2025**
**£**
**1,070**
**-**
**-**
**-**
**1,070**
**1,106**
**1,106**
**(36)**
**36**
**-**
**-**
**-**
**-**|**Total**
**funds**
**17 months**
**ended**
**31 March**
**2025**
**£**
**1,070**
**92,686**
**4,432**
**1,904**
**100,092**
**98,680**
**98,680**
**1,412**
**-**
**1,412**
**56,514**
**1,412**
**57,926**|Total
funds
31 October
2023
£
-
61,044
-
-|
|---|---|---|---|---|
|||||61,044|
|||||60,612|
|||||60,612|
|||||432
-|
|||||432|
|||||56,082
432|
|||||56,514|
The Statement of financial activities includes all gains and losses recognised in the period.
The notes on pages 8 to 16 form part of these financial statements.
Page 6
VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 9/18
## **Adur and Worthing Trust Limited (A company limited by guarantee) Registered number: 07810467**
## **Balance sheet As at 31 March 2025**
||||**31 March**|**31 March**||31 October|
|---|---|---|---|---|---|---|
||||**2025**|||2023|
||**Note**||**£**|||£|
|**Current assets**|||||||
|Debtors|11|**11,845**|||10,841||
|Cash at bank and in hand||**54,030**|||54,075||
|||**65,875**|||64,916||
|Creditors: amounts falling due within one|||||||
|year|12|**(7,949)**|||(8,402)||
|**Net current assets**|||**57,926**|||56,514|
|**Total net assets**|||**57,926**|||56,514|
|**Charity funds**|||||||
|Restricted funds|13||**-**|||-|
|Unrestricted funds|13||**57,926**|||56,514|
|**Total funds**|||**57,926**|||56,514|
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
The notes on pages 8 to 16 form part of these financial statements.
Page 7
VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 10/18
## **Adur and Worthing Trust Limited (A company limited by guarantee)**
**Notes to the financial statements For the period ended 31 March 2025**
## **1. General information**
Adur and Worthing Trust Limited is a private limited company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member.
The registered address of the charitable company is 25 Church Street, Shoreham By Sea, West Sussex BN43 5DQ.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Adur and Worthing Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 Going concern**
As explained in the Trustees Annual report the Trust is working with WBC to reduce the losses going forward, this together with the current level of reserves that the Trust holds the Trustees consider that they have a sufficient level of reserves to continue the charity’s operations for a period of at least 12 months from the signing of the accounts and therefore the Trustees have concluded that it remains appropriate for the accounts to be prepared on the going concern basis.
## **2.3 Income**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
## **2.4 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Page 8
VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 11/18
## **Adur and Worthing Trust Limited (A company limited by guarantee)**
**Notes to the financial statements For the period ended 31 March 2025**
## **2. Accounting policies (continued)**
## **2.4 Expenditure (continued)**
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
## **2.5 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.6 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **2.7 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
## **2.8 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Page 9
VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 12/18
## **Adur and Worthing Trust Limited (A company limited by guarantee)**
## **Notes to the financial statements For the period ended 31 March 2025**
## **3. Income from grants**
||**Restricted**|**Total**||
|---|---|---|---|
||**funds**|**funds**|Total|
||**17 months**|**17 months**|funds|
||**ended**|**ended**||
||**31 March**|**31 March**|31 October|
||**2025**|**2025**|2023|
||**£**|**£**|£|
|Grants|1,070|**1,070**|-|
## **4. Income from charitable activities**
|Rental income
Gallery hire
Recharged costs
Pop up shop income
**Total 2025**
Rental income
Gallery hire
Recharged costs
Pop up shop income
Total 2023|**Unrestricted**
**funds**
**17 months**
**ended**
**31 March**
**2025**
**£**
49,949
24,118
16,839
1,780
92,686
Unrestricted
funds
31 October
2023
£
35,412
14,507
10,674
451
61,044|**Total**
**funds**
**17 months**
**ended**
**31 March**
**2025**
**£**
**49,949**
**24,118**
**16,839**
**1,780**|
|---|---|---|
|||**92,686**|
|||Total
funds
31 October
2023
£
35,412
14,507
10,674
451|
|||61,044|
During 2025 and 2023 £nil of the income from charitable activities was restricted.
Page 10
VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 13/18
## **Adur and Worthing Trust Limited (A company limited by guarantee)**
**Notes to the financial statements For the period ended 31 March 2025**
**5. Income from other trading activities**
## **Income from fundraising events**
||**Unrestricted**|**Total**|
|---|---|---|
||**funds**|**funds**|
||**17 months**|**17 months**|
||**ended**|**ended**|
||**31 March**|**31 March**|
||**2025**|**2025**|
||**£**|**£**|
|Fundraising|4,432|**4,432**|
## **6. Other incoming resources**
||**Unrestricted**|**Total**||
|---|---|---|---|
||**funds**|**funds**|Total|
||**17 months**|**17 months**|funds|
||**ended**|**ended**||
||**31 March**|**31 March**|31 October|
||**2025**|**2025**|2023|
||**£**|**£**|£|
|Insurance proceeds|1,904|**1,904**|-|
Page 11
VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 14/18
## **Adur and Worthing Trust Limited (A company limited by guarantee)**
**Notes to the financial statements For the period ended 31 March 2025**
## **7. Analysis of expenditure by activities**
|Provision of space direct costs
Small commission grants - to individuals
Support costs
Provision of space direct costs
Small commission grants - to individuals
Support costs|**Unrestricted**
**funds**
**17 months**
**ended**
**31 March**
**2025**
**£**
87,293
8,529
2,858
98,680
Unrestricted
funds
31 October
2023
£
51,649
6,375
2,588
60,612|**Total**
**funds**
**17 months**
**ended**
**31 March**
**2025**
**£**
**87,293**
**8,529**
**2,858**|
|---|---|---|
|||**98,680**|
|||Total
funds
31 October
2023
£
51,649
6,375
2,588|
|||60,612|
Page 12
VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 15/18
## **Adur and Worthing Trust Limited (A company limited by guarantee)**
## **Notes to the financial statements For the period ended 31 March 2025**
## **8. Analysis of direct costs**
|**Establishment expenses**
Cleaning
Insurance
Rates / Utilities
Rent
Repairs and maintenance
**Other operational expenses**
Advertising
Contribution to WBC salary costs
Professional services
Telephone
Bank charges
Tenant operational costs
Total direct costs|**31 March**
**2025**
**£**
**5,786**
**3,545**
**8,471**
**44,200**
**5,180**
**3,173**
**11,250**
**-**
**1,237**
**95**
**4,356**
**87,293**|31 October
2023
£
3,535
1,902
7,551
29,033
3,222
2,061
-
586
2,065
127
1,567|
|---|---|---|
|||51,649|
All of the support costs in the year relate to Governance costs £2,858 (2023: £2,588).
During 2025 and 2023 there was no restricted expenditure in establishment or other operational expenses.
## **9. Independent examiner's remuneration**
The independent examiner's remuneration amounts to an independent examiner fee of £2,500 _(_ 2023 _-_ £2,460 _)_ , and other accountancy services of £358 (2023 - £388).
## **10. Trustees' remuneration and expenses**
During the period, no Trustees received any remuneration or other benefits (2023 - £NIL).
During the period ended 31 March 2025, no Trustee expenses have been incurred (2023 - £NIL).
Page 13
VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 16/18
## **Adur and Worthing Trust Limited (A company limited by guarantee)**
## **Notes to the financial statements For the period ended 31 March 2025**
## **11. Debtors**
|Trade debtors
Prepayments and accrued income|**31 March**
**2025**
**£**
**3,356**
**8,489**
**11,845**|31 October
2023
£
2,103
8,738|
|---|---|---|
||||
|||10,841|
## **12. Creditors: Amounts falling due within one year**
|Tenant deposits held
Accruals and deferred income
Small commissions grants payable|**31 March**
**2025**
**£**
**2,938**
**5,011**
**-**
**7,949**|31 October
2023
£
2,698
4,504
1,200|
|---|---|---|
||||
|||8,402|
Deferred income relates to rent received in advance and deposits for future exhibitions.
Page 14
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## **Adur and Worthing Trust Limited (A company limited by guarantee)**
## **Notes to the financial statements For the period ended 31 March 2025**
## **13. Statement of funds**
## **Statement of funds - current period**
|**Balance at 1**
**November**
**2023**
**£**
**Income**
**£**
Unrestricted funds
**56,514**
**99,022**
**Restricted funds**
Pride Project
**-**
**1,070**
**Total of funds**
**56,514**
**100,092**
Pride Project - Funding for the Rainbow Pride Project.
**Statement of funds - prior period**
Balance at
1 November
2022
£
Unrestricted funds
56,082|**Expenditure**
**£**
**(97,574)**
**(1,106)**
**(98,680)**
Income
£
61,044|**Transfers**
**in/out**
**£**
**(36)**
**36**
**-**
Expenditure
£
(60,612)|**Balance at**
**31 March**
**2025**
**£**
**57,926**|
|---|---|---|---|
||||**-**|
||||**57,926**|
||||Balance at
31 October
2023
£
56,514|
## **14. Related party transactions**
There have been no related party transactions in the year that require disclosure under the Charities SORP (FRS 102).
Page 15
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## **Adur and Worthing Trust Limited (A company limited by guarantee)**
**Notes to the financial statements For the period ended 31 March 2025**
## **15. Operating lease commitments**
At 31 March 2025 the Company had commitments to make future minimum lease payments under noncancellable operating leases as follows:
||||**31**|**March**|31|October|
|---|---|---|---|---|---|---|
|||||**2025**||2023|
|||||**£**||£|
|Not later than|1|year||**7,800**||7,800|
The following lease payments and changes in lease payments have been recognised in the Statement of financial activities:
|Operating lease rentals|**31 March**
**2025**
**£**
**44,200**
**44,200**|31 October
2023
£
29,033|
|---|---|---|
||||
|||29,033|
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