Interim Spaces CIO
REPORT AND FINANCIAL STATEMENTS
31st March 2025
CHARITY REGISTRATION NUMBER 1165694
Frank S Lachman 31 Fairview Way Edgware Middlesex HA8 8JE
Interim Spaces CIO
Legal and Administrative Information
31st March 2025
Registered Charity Number 1165694 Registered Office 41 Whitcomb Street London WC2H 7DT Trustees Marcus Warry Joshua Neicho Jee Eun Lee-Fiorentino Jules Munns Examiner Frank S Lachman Chartered Accountant 31 Fairview Way Edgware Middlesex HA8 8JE
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Interim Spaces CIO
DIRECTORS' AND TRUSTEES' REPORT
The trustees, who are also directors for the purposes of the Companies Act, have pleasure in presenting their report and the financial statements of charity for the year ending 31st March 2025.
DIRECTORS' RESPONSIBILITIES
Company Law which is also applicable to charitable companies in England and Wales requires the directors, who are also trustees of the company, to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the results of the company for that period.
In preparing those financial statements, the directors/trustees are required to:
select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP make judgements and estimates that are reasonable and prudent
state whether applicable UK accounting standards 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 directors/trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
PRINCIPAL ACTIVITY AND CHARITABLE OBJECTIVE
The charity provides low cost work and development space for artists, entrepreneurs, non-profit and creative organisations.Establishing creative hubs and facilitating learning and networking.
ORGANISATION AND CONSTITUTION
CIO - Foundation Registered 23 Feb 2016
The company is limited by guarantee and has no share capital. The guarantees of individual members are limited to £1.
The company is a registered charity, number 1165694.
The directors of the company form its Committee of Management and Governing Body and are empowered to act as necessary in order for the company to fulfil its objectives. Directors may be appointed by the members of the company or fellow directors at any time.
Registered Office: 41 Whitcomb Street, London WC2H 7DT
PUBLIC BENEFIT
The Trustees confirm that in compiling this report they have had due regard to the guidance on public benefit issued by the Charity Commission in compliance with the duty set out in section 4 of the Charities Act 2006.
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Interim Spaces CIO
REVIEW OF DEVELOPMENTS, ACTIVITIES AND ACHIEVEMENTS
1. Objectives and Activities
Interim Spaces widens access to affordable workspace, cultural opportunity, and community facilities by repurposing underused and ‑ historic buildings for public benefit. We advance our objects by providing low cost workspace for people facing financial barriers; ‑ ‑ supporting early stage enterprises and creative practitioners; enabling community led regeneration; and restoring buildings of heritage or social value so they can be used for cultural, educational, and community activity.
2. Public Benefit Statement
The Trustees confirm that all activities carried out during the year were undertaken to further Interim Spaces’ charitable purposes for the public benefit, in accordance with the Charity Commission’s guidance. Public benefit was delivered through affordable workspace, community facilities, cultural participation, and support for individuals and enterprises unable to access commercial opportunities due to cost barriers.
3. Achievements and Performance
Overview
2024–25 marked the first full operating year for our Somerset projects, alongside the continued success of PopHub Leicester Square in Westminster. Across all locations, projects delivered measurable outcomes through practical, low-cost use of vacant buildings.
PopHub Leicester Square (Westminster)
PopHub completed its seventh year with full occupancy, supporting 141 independent practitioners. Membership fees remained unchanged since 2021 (UNLTD £100/month; Fixed Desk £150/month; Team Desk £180/month). Workspace operated at £1.80psf/month, around 92% below local equivalents.
PopHub offered hardship support (50–100% rent relief) and delivered Sponsored UNLTD Plans to individuals and small nonprofits aligned with our mission. Members reported increased professional stability, productivity, and access to clients.
10 Market Place (Shepton Mallet)
April 2024 marked the reopening of this restored Grade II listed retail incubator and community hub. The first incubator tenant, The Little Farm Shed, transitioned to a permanent high-street lease after five months, serving 6,860 customers with an economic impact of £86,478.
Following their graduation, the space hosted The Christmas Collective, a six-week pop-up involving 18 local traders. The shop sold 710 items, raising £6,081, with £5,428 disbursed to participants.
The studio remained in regular use for classes, workshops, and local community meetings.
Commercial Road Studios (Shepton Mallet)
In July 2024, Interim Spaces transformed the former registry offices into 15 affordable artist studios, all occupied within weeks at £1psf/month including utilities. Members reported increased productivity and wellbeing. Somerset Council granted full discretionary business-rate relief.
Impact Summary
Interim Spaces supported:
-
creative and professional activity in central London;
-
local enterprise development and retail incubation in Shepton Mallet;
-
establishment of the town’s first dedicated artist studios;
-
accessible cultural, community, and educational activity.
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Interim Spaces CIO
4. Financial Review
Total income: £122,579. Expenditure: £122,803, resulting in a small unrestricted deficit of £224. Unrestricted reserves at year end: £29,423 (approx. three months’ operating expenditure). Loan associated with 10 Market Place reduced to £58,244, with all repayments met in full.
The charity ended the year with stable finances, increased trading income, controlled costs, and maintained reserves.
5. Reserves Policy
The Trustees aim to maintain reserves equivalent to approximately three months of operating expenditure. Unrestricted reserves at year end were £29,423, consistent with this target.
6. Structure, Governance and Management
Interim Spaces is a Charitable Incorporated Organisation (CIO). Trustees oversee governance and regulatory compliance. Operational delivery is led by the Director.
The charity owns a non-profit trading subsidiary, Interim Spaces Trading Ltd, used for non-primary-purpose trading where required.
7. Risk Management
Key risks monitored:
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property management and maintenance obligations;
-
cost pressures related to utilities and services;
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reliance on affordable rents and lean operating model;
-
maintenance of adequate unrestricted reserves.
Controls include regular financial monitoring, formal property agreements, insurance, staged project development, and conservative cost planning.
8. Plans for Future Periods
The coming year will focus on:
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consolidating and expanding Somerset projects;
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progressing restoration and acquisition of additional heritage buildings;
-
expanding retail incubation and cultural workspace provision;
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strengthening local partnerships;
-
enhancing social-impact reporting and evaluation.
9. Social Impact Reporting
Interim Spaces publishes a detailed Social Impact Report every April for the preceding calendar year. These include case studies, site data, and graphic summaries. Reports are available on request.
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Interim Spaces CIO
INDEPENDENT EXAMINER
A resolution proposing the re-appointment of Frank S Lachman as Independent Examiner will be submitted at the Annual General Meeting.
DIRECTORS/TRUSTEES
The trustees set out below have held office during the whole year of this report unless otherwise stated:
Joshua Neicho Jee Eun Lee-Fiorentino Appointed 4th September 2024 Marcus Warry Jules Munns
RELATED PARTIES
The charity has relationships with other charities on a project-by-project basis.
The charity owns 100% of it's trading subsidiary Interim Spaces Trading Limited.
GOING CONCERN
The directors confirm that:
A going concern basis is appropriate for these accounts.
The company has sufficient reserves to continue for at least 12 months after the date of signing these accounts.
RISK MANAGEMENT
The company undertakes periodic reviews for different areas of risk including insurance cover, health and safety policies in the workplace and whilst performing, working with young children, financial affairs; personnel practices; ICT technology.
This report has been prepared in accordance with the provisions in Section 419(2) of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on
and signed on its behalf by Marcus Warry
Trustee
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Interim Spaces CIO
ACCOUNTANTS REPORT
Independent Examiner's Report on the Accounts
I report to the charity trustees on my examination of the accounts of the company for the year ended 31st March 2025 which are set out on pages 7 to 12 .
Responsibilities and basis of report
As the charity’s trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (the ‘2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's report
Since the company’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 I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England & Wales, which is one of the listed bodies.
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 accounting 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.
Frank S Lachman FCA Member Institute of Chartered Accountants in England and Wales Chartered Accountant Independent Examiner
31 Fairview Way Edgware Dated: Middlesex , HA8 8JE
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Interim Spaces CIO
Statement of Financial Activities For the Year Ended 31st March 2025
| **Unrestricted ** | Restricted | Restricted | Total | **Unrestricted ** | **Restricted ** | Restricted | Total | ||
|---|---|---|---|---|---|---|---|---|---|
| Funds | Capital | Revenue | Funds | Funds | Capital | Revenue | Funds | ||
| Notes | 2025 | 2024 | |||||||
| Income from: | |||||||||
| Donations and Legacies | 2 | 3,000 | - | - | 3,000 | - | 160,000 | 24,000 | 184,000 |
| Investment Income | 369 | - | - | 369 | 1,225 | - | - | 1,225 | |
| Charitable activities | 3 | 119,210 | - | - | 119,210 | 109,708 | - | - | 109,708 |
| Total income | 122,579 | - | - | 122,579 | 110,933 | 160,000 | 24,000 | 294,933 | |
| Expenditure on: | |||||||||
| Charitable Activity Costs | 4 | 122,803 | - | - | 122,803 | 98,030 | 8,506 | 24,000 | 130,536 |
| Total expenditure | 122,803 | - | - | 122,803 | 98,030 | 8,506 | 24,000 | 130,536 | |
| Net income for year | (224) | - | - | (224) | 12,903 | 151,494 | - | 164,397 | |
| Funds brought forward | 29,647 | 160,000 | - | 189,647 | 25,250 | - | - | 25,250 | |
| Transfers | - | - | - | - | (8,506) | 8,506 | - | - | |
| Funds carried forward | 9 | 29,423 | 160,000 | - | 189,423 | 29,647 | 160,000 | - | 189,647 |
The statement of Financial Activities reflects the results of continuing activities for the year.
There were no recognised gains or losses other than the net outgoing resources for the year.
The net outgoing resources for the year have been calculated on the historical cost basis.
The notes on pages 9 to 12 form part of these accounts.
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Interim Spaces CIO Balance Sheet at 31st March 2025
| Notes 2025 2024 £ £ £ £ Fixed assets Investment in subsidiary 1 1 Tangible Fixed Assets 5 227,458 230,248 Current assets Debtors 6 1,300 1,300 Cash at bank and in hand 18,908 31,162 Total current assets 20,208 32,462 Creditors falling due within one year 7 18,745 13,300 Net current assets 1,463 19,162 Creditors falling due after one year 8 39,499 59,764 Net assets 189,423 189,647 The Funds of the Charity 10 Unrestricted Funds 29,423 29,647 Restricted Funds 160,000 160,000 Total Charity Funds 189,423 189,647 |
Notes 2025 2024 £ £ £ £ Fixed assets Investment in subsidiary 1 1 Tangible Fixed Assets 5 227,458 230,248 Current assets Debtors 6 1,300 1,300 Cash at bank and in hand 18,908 31,162 Total current assets 20,208 32,462 Creditors falling due within one year 7 18,745 13,300 Net current assets 1,463 19,162 Creditors falling due after one year 8 39,499 59,764 Net assets 189,423 189,647 The Funds of the Charity 10 Unrestricted Funds 29,423 29,647 Restricted Funds 160,000 160,000 Total Charity Funds 189,423 189,647 |
Notes 2025 2024 £ £ £ £ Fixed assets Investment in subsidiary 1 1 Tangible Fixed Assets 5 227,458 230,248 Current assets Debtors 6 1,300 1,300 Cash at bank and in hand 18,908 31,162 Total current assets 20,208 32,462 Creditors falling due within one year 7 18,745 13,300 Net current assets 1,463 19,162 Creditors falling due after one year 8 39,499 59,764 Net assets 189,423 189,647 The Funds of the Charity 10 Unrestricted Funds 29,423 29,647 Restricted Funds 160,000 160,000 Total Charity Funds 189,423 189,647 |
Notes 2025 2024 £ £ £ £ Fixed assets Investment in subsidiary 1 1 Tangible Fixed Assets 5 227,458 230,248 Current assets Debtors 6 1,300 1,300 Cash at bank and in hand 18,908 31,162 Total current assets 20,208 32,462 Creditors falling due within one year 7 18,745 13,300 Net current assets 1,463 19,162 Creditors falling due after one year 8 39,499 59,764 Net assets 189,423 189,647 The Funds of the Charity 10 Unrestricted Funds 29,423 29,647 Restricted Funds 160,000 160,000 Total Charity Funds 189,423 189,647 |
|---|---|---|---|
| 32,462 13,300 |
|||
| 189,423 | 189,647 | ||
| 29,423 160,000 |
29,647 160,000 |
||
| 189,423 | 189,647 |
a) For the year ended 31 March 2025 the company was entitled to exemption under section 477(2) of the Companies Act 2006.
(b) No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.
(c) The directors acknowledge their responsibility for:
i. ensuring the company keeps accounting records which comply with section 386; and
ii. preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the section 393, and which otherwise comply with the requirements of the Companies Act relating to accounts, so far as applicable to the company.
(d) The accounts have been prepared in accordance with the special provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime, and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the . company
Approved by the directors on , and signed on their behalf by Marcus Warry
- Trustee
The notes on pages 9 to 12 form part of these accounts.
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Interim Spaces CIO
Notes to the Financial Statements For the Year Ended 31st March 2025
1 Accounting Polices
(a) 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 (FRS 102) (effective 1 January 2022) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Interim Spaces Cio 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 note(s).
(b) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably. Income from grants, whether capital or revenue grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants has been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
(c) Expenditure
All expenditure is accounted for on an accruals basis. Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party. It is probable that settlement will be required and the amount of the obligation can be measured reliably.
Costs are allocated to a category either because such costs are directly incurred in relation to such category, or because they are support costs in respect of which an apportionment has been made between the categories.
Support costs consist of infrastructure costs for salaries, premises, office administration. Such costs are apportioned on a reasonable and consistent basis to the various categories with a view to determining, as accurately as possible, the total resources expended for each category. The basis of apportionment used is either a function of staff time applied to a given activity, or an estimate of the proportion of costs associated with the same, or a combination of both.
Direct and Support costs are separately shown by natural classification in Note 5 to these accounts for each category of cost.
(d) Taxation
The company as a registered charity ( number 1165694 ) is exempt from taxation on most investment income insofar as it is applied for charitable purposes. The company is also exempt from taxation on capital gains.
(e) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
(f) Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
(g) Depreciation
The rates of depreciation of asset class are:
Office equipment 20% straight line
Property No depreciation is provided as the asset is appreciating
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Interim Spaces CIO
Notes to the Financial Statements For the Year Ended 31st March 2025
2 Donations and legacies
| 2 | Donations and legacies | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| **Unrestricted ** | Restricted | **Unrestricted ** | Restricted | ||||||
| Funds | Funds | 2025 | Funds | Funds | 2024 | ||||
| Grants for General Running Costs | |||||||||
| Secretary of State for Levelling Up | |||||||||
| Housing & Communities | - | - | - | - | 24,000 | 24,000 | |||
| Clark Foundation | 1,000 | - | 1,000 | ||||||
| Worthy Causes | 2,000 | - | 2,000 | ||||||
| Grants for Capital Costs | |||||||||
| Secretary of State for Levelling Up | |||||||||
| Housing & Communities | - | - | - | - | 120,000 | 120,000 | |||
| Somerset Community Foundation | - | - | - | - | 40,000 | 40,000 | |||
| 3,000 | - | 3,000 | - | 184,000 | 184,000 | ||||
| 3 | Charitable activity | ||||||||
| Unrestricted | Unrestricted | ||||||||
| Funds | 2025 | Funds | 2024 | ||||||
| Space hire | 117,950 | 117,950 | 103,006 | 103,006 | |||||
| Sundry income and recharges | 1,260 | 1,260 | 6,702 | 6,702 | |||||
| 119,210 | 119,210 | 109,708 | 109,708 | ||||||
| 4 | Charitable activity costs | ||||||||
| Support | Charitable | Charitable | Support | Charitable | Charitable | ||||
| Costs and | Activity | Activity | Costs and | Activity | Activity | Total | |||
| Governance | Costs | Costs | Total 2025 | Governance | Costs | Costs | 2024 | ||
| Unrestricted | Unrestricted | Restricted | Unrestricted | Unrestricted | Restricted | ||||
| Charitable Activity Costs | |||||||||
| Advertising & Marketing | 2,390 | - | - | 2,390 | 251 | - | 562 | 813 | |
| Audit & Accountancy fees | 1,000 | 930 | - | 1,930 | 1,000 | - | - | 1,000 | |
| Bank Fees | 96 | - | - | 96 | 127 | - | - | 127 | |
| Business rates | - | - | - | - | - | - | - | - | |
| Consumables | - | 2,034 | - | 2,034 | - | 1,130 | 448 | 1,578 | |
| Direct labour | - | 45,741 | - | 45,741 | - | 25,585 | 13,000 | 38,585 | |
| General Office Expenses | - | 13,711 | - | 13,711 | - | 11,683 | 2,170 | 13,853 | |
| Grants | - | 1,500 | - | 1,500 | |||||
| Insurance | - | 1,241 | - | 1,241 | - | - | 1,902 | 1,902 | |
| IT Software and Consumables | 7,307 | - | - | 7,307 | 7,799 | 245 | - | 8,044 | |
| Loan Interest | 4,025 | - | - | 4,025 | 2,337 | - | - | 2,337 | |
| Light, Power, Heating etc | - | 11,256 | - | 11,256 | - | 11,646 | 5,323 | 16,969 | |
| Legal and Professional fees | - | - | - | - | - | - | 2,587 | 2,587 | |
| Cleaning and waste | - | 6,842 | - | 6,842 | - | 6,036 | - | 6,036 | |
| Printing & Stationery | 769 | - | - | 769 | 279 | - | - | 279 | |
| Professional services | 2,888 | - | - | 2,888 | - | 5,932 | 5,305 | 11,237 | |
| Repairs & Maintenance | - | 6,479 | - | 6,479 | - | 7,604 | - | 7,604 | |
| Security Software & Infrastructure | - | 480 | - | 480 | - | - | 200 | 200 | |
| Subscriptions & memberships | 1,249 | - | - | 1,249 | 1,573 | - | - | 1,573 | |
| Telephone & Internet | 2,357 | - | - | 2,357 | 2,543 | - | 500 | 3,043 | |
| Travel - National | 1,844 | - | - | 1,844 | 3,163 | - | - | 3,163 | |
| Volunteer Expense | 1,844 | - | - | 1,844 | 3,084 | - | 509 | 3,593 | |
| Depreciation | 6,820 | - | - | 6,820 | 6,013 | - | - | 6,013 | |
| Total | 32,589 | 90,214 | - | 122,803 | 28,169 | 69,861 | 32,506 | 130,536 |
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Interim Spaces CIO
Notes to the Financial Statements For the Year Ended 31st March 2025
5 Fixed Assets
| 5 Fixed Assets | 5 Fixed Assets | |
|---|---|---|
| Cost As at 1st April 2024 Additions in year As at 31.3.2025 Depreciation As at 1st April 2023 Charge for year As at 31.3.2024 Net Book Value 31st March 2025 31st March 2024 6 Debtors Loan to Subsidiary company 7 Creditors due within one year Accruals Bank loan 8 Creditors falling due after one year Bank Loan 9 Reconciliation of movement of funds Funds at 1st April 2024 Income Unrestricted Funds 29,647 122,579 Restricted Funds Capital 160,000 - Revenue - - 189,647 122,579 |
Fixtures Fittings & Office Equipment Property Total 30,068 218,710 248,778 4,030 - 4,030 |
|
| 34,098 218,710 252,808 |
||
| 18,530 - 18,530 6,820 - 6,820 |
||
| 25,350 - 25,350 |
||
| 11,538 218,710 227,458 11,538 218,710 230,248 2025 2024 1,300 1,300 1,300 1,300 2025 2024 - 100 18,745 13,200 18,745 13,300 2025 2024 39,499 59,764 39,499 59,764 Expenses Transfers Funds at 31st March 2025 122,803 - 29,423 - - 160,000 - - - |
||
| 189,647 122,579 |
122,803 - 189,423 |
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Interim Spaces CIO
Notes to the Financial Statements For the Year Ended 31st March 2025
The funds comprise:
General Fund: are moneys which can be used by the Trustees at their discretion for any purpose and which have not been designated by them previously
Restricted Fund: are grants received for the purchase of the property.
10 Analysis of assets over funds
| Restricted Funds Unrestricted Funds: |
Fixed Assets Net Assets Total 2025 Total 2024 160,000.00 - 160,000 160,000 67,458 (38,036) 29,422 29,647 |
|---|---|
| 227,458 (38,036) 189,422 189,647 |
11 Trustees
During the year, none of the trustees received any remuneration from the trust and no expenses were reimbursed to any of them.
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