Charity number: 1170960
Company number: 04971057
(England and Wales)
UP Projects
Report of the Trustees and Unaudited Financial Statements
For the year ended 31 March 2024
UP Projects Contents Page For the year ended 31 March 2024
| Report of the Trustees | 1 to 6 |
|---|---|
| Independent Examiner's Report to the Trustees | 7 |
| Statement of Financial Activities | 8 |
| Statement of Financial Position | 9 |
| Notes to the Financial Statements | 10 to 16 |
UP Projects Report of the Trustees For the year ended 31 March 2024
The Trustees, who are also directors for the purposes of company law, have pleasure in presenting their report and the financial statements for the charitable company for the year ended 31 March 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective 1 January 2019).
1 of 16
UP Projects Report of the Trustees Continued For the year ended 31 March 2024
OBJECTIVES AND ACTIVITIES
UP Projects is the UK's leading public art organisation specialising in socially engaged public art commissioning. We bring world class artists out of the gallery and into public spaces to create new work with communities across the UK and beyond. Our work is always responsive to context often activating unexpected corners of the public realm. UP Projects is a charity and National Portfolio organisation of the Arts Council England.
We initiate projects that respond to some of the most pressing issues of our time as well as work with partners on a consultancy basis to create extraordinary, ambitious and risk-taking work that communities can shape, actively participate in and relate to. With over 20 years' experience UP Projects' champions a bold yet sensitive approach that values time and takes care to bring about social change.
Flagship projects include Newham Trackside Wall by Sonia Boyce OBE RA (2021); The National Windrush Monument by Basil Watson (2022); Gut Feelings Meri Jaan by Jasleen Kaur (2020); Globe Head Ballerina by Yinka Shonibare (2012), The Floating Cinema with various artists (2011-2017) and Laid to Rest by Serena Korda (2011). UP Projects have also led numerous progressive public art strategies that shape the way artists can become embedded within areas undergoing regenerational change. This work includes a new public art strategy for Ebbsfleet Garden City, Art on the Peninsula for the Greenwich Peninsula in London, Vista Nine Elms for Berkeley Homes, Artlands for Kent County Council and Eco Systems of Learning and New Imaginaries for Telford Homes.
Learning sharing sits at the heart of what we do, and we are dedicated to supporting the next generation of socially engaged practitioners through our free learning and development programme, Constellations that gives artists, curators and producers the chance to explore best practice models from leading names within the world of social practice. To date Constellations has supported 1,500 artists, curators and producers to expand their practice.
We work with a broad range of public and private sector partners including major public bodies such as the Greater London Authority, local authorities and government ministerial departments, cultural institutions including Barbican Centre, Welcome Collection, Touchstones Rochdale, Liverpool Biennial, National Trust and Flat Time House, corporations such as Crossrail and London Legacy Development Corporation, cultural festivals including Art Night London and Creative Folkestone Triennial, and education faculties such as Queen Mary University, Exeter University and Kings College London. We support our partners to be bold and innovative, bringing a breadth of experience and skills covering strategy writing, public art commissioning, digital commissioning, artist selection processes, community engagement, evaluation, and public event programming.
Our underlying belief
Art and artists have the power to effect social change when the process is considered just as important as the final outcome.
Vision
UP Projects leads the way for progressive, artist-led projects to permeate the public domain. Our work connects communities, shapes identities, empowers inclusion and addresses the most pressing issues of our time.
Mission
UP Projects enables artists to achieve extraordinary, ambitious and risk-taking work that communities can shape, participate in and relate to. We bring art to unexpected corners of the public realm, finding creative potential in unlikely situations, and our work is always responsive to its environment. Our 20 years' experience champions a bold yet sensitive approach that values time, takes care, inspires learning and enables the transformational impact of public art to flourish.
Values
Our work is underpinned by our core values:
Relevance: Our programme is responsive to contemporary life and relevant to diverse communities and audiences.
Openness: Our work is accessible: conceptually, intellectually, physically, geographically, economically, considering diversity, disability and barriers to access.
Learning to Learn: We believe in a collaborative approach to learning for all.
Innovation: We challenge convention, support risk taking, and test new ideas in the physical and digital realms.
Artistic Excellence: Representing the height of ambition, talent, and skill.
2 of 16
UP Projects Report of the Trustees Continued For the year ended 31 March 2024
Objectives and aims
-
·To deliver artist-led projects that engage, inspire and are relevant to diverse communities and public audiences.
-
·To address and respond to urgent issues of our time.
-
·To lead and share learning that supports the progression of socially engaged work and public practice.
-
·To explore the digital domain as a site for public art and community engagement.
-
·To build the organisation's adaptive resilience and agility
Objectives and aims
The trustees have considered the Charity Commision's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'.
3 of 16
UP Projects Report of the Trustees Continued For the year ended 31 March 2024
ACHIEVEMENTS AND PERFORMANCE
Significant activities
2023/24 has been yet another highly successful year for UP Projects' delivering socially engaged programmes from Ebbsfleet to Edgware! It also marks the year that we secured a National Touring Project Grant from the Arts Council England for a touring project that explores how public art practice can embed environmental responsibility and consider more regenerative ways of working. We hosted our very first conference in Southampton in partnership with John Hansard Gallery, convening [number of attendees] sector professionals to explore the topic of co-creation. The conference was part of our Constellations programme that offers learning and development to the public art sector and those interested in socially engaged practice.
2023 also marked a shift in the leadership model for UP Projects with Moira Lascelles becoming Executive Director and Head of Partnerships joining Founder and Artistic Director, Emma Underhill. The transition to a shared leadership model supports growing acknowledgement that co-leadership encourages innovative thinking and new perspectives that positively contribute to an organisation's impact and growth.
Below is a summary of activity achieved in 2023-24:
1.Edgware Centenary Programme: UP Projects worked closely with Barnet Council to deliver a series of artist-led commissions to celebrate 100 Years of Station Road in Edgware. Collaborating with three artists, Emma Smith, Ruth Beale and Holly Graham, UP Projects programme actively engaged with over 1,000 local people through workshops, activities and events. The programme resulted in a site-specific performance titled Burble by Emma Smith, a series of interventions at Edgware Library through Care & Magic by Ruth Beale and new mural, Stop and Smell the Flowers, on the High Street that explored the importance of access to clean air and green space involving the participation of over 75 local young people by Holly Graham.
2.London Gallery Weekend 2023: UP Projects partnered for the second time with London Gallery Weekend to bring new performance art out of the gallery and into public spaces for broad public audiences to enjoy. Work by Nicole Bachmann, Li Hei Di and Minh Lan Tran was brought to St James' Piccadilly, Peckham Library Square and Hoxton Square.
3.Looking Forward To-Morrow: A New Public Art Strategy for Ebbsfleet: UP Projects wrote and launched a new public art strategy for Ebbsfleet, the first garden city to be built in 100 years. The strategy drew on the ideals of the Garden City movement foregrounding how public art can contribute positively to mental health and wellbeing, social cohesion and permeate people's everyday lives. The strategy was informed through a process of community engagement involving key cultural stakeholders as well as a group of 11 young people.
4.Constellations 2023: Via an open call process, we once again assembled a Cohort of ten early to mid-career practitioners from across the expanded field of public art to take part in our free learning and development programme, Constellations. Over eight months, the programme explored urgent lines of enquiry and best practice in relation to the field of socially engaged practice, including questions around the potential of art to help communities reimagine new futures, principles underpinning alternative economies, and notions of care.
5.Constellations Assemblies 2023: Our online Assemblies programme continued to grow in popularity and addressed some of the post pressing issues facing the industry including What is the Value of Attention? Conflict + Care and Climate Empowerment. Across the three events we attracted 344 attendees who benefited from learning sharing from both UK-based and international speakers.
6.Co-Creating Public Space: How Can We Thrive?: UP Projects curated and convened a conference in Southampton working in partnership with John Hansard Gallery bringing speakers from across the globe together to explore the topic of Co-Creation. Informed by notions of care and principles underpinning alternative economies, the conference looked at how creative practice can build collectivity by sharing resources, values and opportunities in equitable ways. A publication was created as result of the conference and shared online.
7.dankEconogy1ALIENVillage by Sahjan Kooner: Working in partnership with Eastside Projects and Kunsthal Ghent we launched a new digital work by artist, Sahjan Kooner that asked audiences to engage with HONEY, an Avatar or premonition of what is to come as we intensify our relationship to work, love, power and come of age in late-stage hyper capitalism. The work was presented both online and within the context of an exhibition at Eastside Projects in Birmingham and later travelled to Ghent.
8.Schools work: UP Projects continues to bring high quality creative learning opportunities into schools and delivering workshops to a local primary school in LB Enfield.
We are extremely proud of the work we have delivered in 2023-24 that continued to actively involve and engage communities in their development, championing our belief that art has the power to effect social change when the process is considered just as important as the final product.
FUTURE AMBITIONS 2024/25
As we look forward to the new financial year we are excited to continue to deliver ambitious projects and programmes across the country working in partnership with others to create public art projects that bring about tangible social change.
4 of 16
UP Projects Report of the Trustees Continued For the year ended 31 March 2024
Projects in the pipeline include:
1.Bodies of Water: We are delighted to be working internationally acclaimed artist, Anne Duk Hee Jordan to work on a touring commission for Wigan and Exmouth. supported by the Arts Council England. Bodies of Water is an ambitious project in response to the urgent environmental needs within the UK and internationally to manage water more effectively.
2.A Love Song for Whitechapel: UP Projects are working with artist, Aya Haidar to create a new public commission for Whitechapel, East London. The artwork will be informed through a process of community engagement with both pupils from Swanlea School and a group of elders called the Bow Geezers. The artwork will be installed in a prominent location on Whitechapel High Street.
3.Constellations 2024: We will continue to support the sector through our Constellations programme working with artists, producers and curators to explore pressing issues facing the expanded field of public art.
4.Marshgate Lane Wayfinding: We are working with London Legacy Development Corporation to co-create public art proposals for the Marshgate Lane area in the vicinity of the Queen Elizabeth Olympic Park. This will involve recruiting a group of eight community collaborators to work together with an appointed artist.
FINANCIAL REVIEW
Significant events
UP Projects operates with a mixed funding model, generating income to deliver the Charity's core programme through fundraising via Trusts, Foundations and public grant giving bodies, as well as earning income through consultancy services that support third parties to develop public art strategies, commissions, and community engagement projects.
UP Projects is a National Portfolio Organisation (NPO) of Arts Council England and receives an annual grant of £102,431. In addition, we received a further £243,068 of income through our charitable activities.
Despite the continued challenges to income generation faced by the culture sector, UP Projects achieved £230,289 in earned income, representing 66% of our total income (£345,499). This has brought the percentage back to a similar pre-Covid level where we achieved 60% of our income through earned income in 2019/20. This demonstrates the financial resilience of the organisation and its ability to recover from the impact of the pandemic.
.
Reserves
The organisation has a policy of maintaining ringfenced reserves of £85,000. The organisation also held £29,500 of funds designated to deliver projects in 2023/24 and £53,152 free reserves.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
UP Projects was awarded charitable status in January 2017 and the organisation's new Articles of Association was adopted by the Trustees in December 2016
Recruitment and appointment of trustees
No new Trustees have been appointed this year.
Joao Guarantani left the board in December 2023.
REFERENCE AND ADMINISTRATIVE INFORMATION
Name of Charity UP Projects Charity registration number 1170960 Company registration number 04971057 Principal address Clifton House The Coalface, 46 Clifton Terrace London N4 3LP
5 of 16
UP Projects Report of the Trustees Continued For the year ended 31 March 2024
Trustees
The trustees and officers serving during the year and since the year end were as follows:
Ms Jagdip Jagpal Mrs Thahmina Begum Ms Samantha Antoinette Allen Mr Iain Charles Bennett Ms Kaia Noni Charles Mr Joao Carlos Guarantani Ms Massoumeh Larizadeh Mr Peter David Ratcliffe Ms Viya Nsumbu Miss Emma Underhill Nemar Secretary Ms Emma Jane Underhill Nemar Independent examiner Andrew M Wells FMAAT Counterculture Partnership LLP 66 High Street Lewes East Sussex BN7 1XG
Approved by the Board of Trustees and signed on its behalf by
............................................................................. 16 December 2024 Mr Peter David Ratcliffe
6 of 16
UP Projects Independent Examiners Report to the Trustees For the year ended 31 March 2024
I report to the trustees on my examination of the accounts of the charitable company for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (who are also the directors of the Company 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 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 examiners statement
Since the Charitable 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 by virtue of my membership of Association of Accounting Technicians, 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 that in any material respect:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the 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
-
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.
Andrew M Wells FMAAT Counterculture Partnership LLP 66 High Street Lewes East Sussex BN7 1XG
16 December 2024
7 of 16
UP Projects
Statement of Financial Activities (including Income and Expenditure Account) For the year ended 31 March 2024
| Notes | Unrestricted | Restricted | 2024 | 2023 | |
|---|---|---|---|---|---|
| funds | funds | ||||
| £ | £ | £ | £ | ||
| Income and endowments from: | |||||
| Donations and legacies | 2 | 104,797 | 9,368 | 114,165 | 160,089 |
| Charitable activities | 3 | 230,289 | - | 230,289 | 232,593 |
| Investments | 4 | 1,045 | - | 1,045 | 113 |
| Total | 336,131 | 9,368 | 345,499 | 392,795 | |
| Expenditure on: | |||||
| Charitable activities | 5/6 | (400,419) | (9,368) | (409,787) | (398,724) |
| Total | (400,419) | (9,368) | (409,787) | (398,724) | |
| Net income/expenditure | (64,288) | - | (64,288) | (5,929) | |
| Reconciliation of funds | |||||
| Total funds brought forward | 231,940 | - | 231,940 | 237,869 | |
| Total funds carried forward | 167,652 | - | 167,652 | 231,940 |
8 of 16
Registered Number : 04971057
UP Projects Statement of Financial Position As at 31 March 2024
| Notes Fixed assets Tangible assets 12 Current assets 13 Debtors Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Net assets The funds of the charity Unrestricted income funds 15 Total funds |
£ 2024 552 552 69,801 249,922 319,723 (152,623) 167,100 167,652 167,652 167,652 167,652 |
£ 2023 - |
|---|---|---|
| - | ||
| 51,222 265,458 |
||
| 316,680 | ||
| (84,740) 231,940 |
||
| 231,940 | ||
| 231,940 | ||
| 231,940 | ||
| 231,940 |
For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance
-
with section 476,
-
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting
-
records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The financial statements were approved and authorised for issue by the Board and signed on its behalf by:
Mr Peter David Ratcliffe Trustee
16 December 2024
9 of 16
UP Projects Notes to the Financial Statements For the year ended 31 March 2024
1. Accounting Policies
Basis of accounting
The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Companies Act 2006.
UP Projects 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).
Going concern
The financial statements are prepared, on a going concern basis, under the historical cost convention.
Funds
The charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of the trustees in furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment.
Designated funds comprise of unrestricted funds that have been set aside by the Trustees for particular purposes.
Restricted funds have been provided to the charity for particular purposes, and it is the policy of the board of trustees to carefully monitor the application of those funds in accordance with the restrictions placed upon them.
There is no formal policy of transfer between funds or on the allocation of funds to designated funds, other than that described above
Incoming resources
All incoming resources are included in the statement of financial activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Resources expended
Liabilities are recognised as resources expended when there is a legal or constructive obligation committing the Charity to the expenditure:
Taxation
As a registered charity, the company is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
2. Income from donations and legacies
| ncome from donations and legacies | ||||
|---|---|---|---|---|
| Unrestricted | Restricted | 2024 | 2023 | |
| funds | funds | |||
| £ | £ | £ | £ | |
| Donations received | 2,366 | - | 2,366 | 10,867 |
| Grants received | 102,431 | 9,368 | 111,799 | 149,222 |
| 104,797 | 9,368 | 114,165 | 160,089 |
10 of 16
UP Projects
Notes to the Financial Statements Continued For the year ended 31 March 2024
Analysis of grants received
| Art Fund Arts Council England Arts Council England NPO Kickstart Scheme National Lottery Heritage Fund Peckham Platform |
2024 £ - 5,000 102,431 - - 4,368 111,799 |
2023 £ 39,780 - 102,431 1,011 6,000 - |
|---|---|---|
| 149,222 |
3. Income from charitable activities
| 2024 | 2023 | |||
|---|---|---|---|---|
| £ | £ | |||
| Unrestricted funds | ||||
| Curating, commissioning and | ||||
| producing contemporary art. | ||||
| Consultancy and project fees | 227,166 | 232,473 | ||
| Tickets, sundry income etc | 3,123 | 120 | ||
| 230,289 | 232,593 | |||
| 230,289 | 232,593 | |||
| nvestment income | ||||
| 2024 | 2023 | |||
| £ | £ | |||
| Unrestricted funds | ||||
| Bank interest receivable | 1,045 | 113 | ||
| 1,045 | 113 | |||
| osts of charitable activities by fund type | ||||
| Unrestricted | Restricted | 2024 | 2023 | |
| funds | funds | |||
| £ | £ | £ | £ | |
| Curating, commissioning and | 302,232 | 9,368 | 311,600 | 280,762 |
| producing contemporary art. | ||||
| Support costs | 98,187 | - | 98,187 | 117,962 |
| 400,419 | 9,368 | 409,787 | 398,724 |
4. Investment income
5. Costs of charitable activities by fund type
11 of 16
UP Projects Notes to the Financial Statements Continued For the year ended 31 March 2024
6. Costs of charitable activities by activity type
| Activities | Support | 2024 | 2023 | |
|---|---|---|---|---|
| undertaken | costs | |||
| directly | ||||
| £ | £ | £ | £ | |
| Support costs | ||||
| Curating, commissioning and | 311,600 | 98,187 | 409,787 | 398,724 |
| producing contemporary art. |
7. Analysis of support costs
| Curating, commissioning and producing contemporary art. Management Finance Office costs Marketing Governance costs |
2024 £ 49,245 8,494 35,503 3,945 1,000 98,187 |
2023 £ 69,651 8,721 31,437 7,153 1,000 |
|---|---|---|
| 117,962 |
8. Net income/(expenditure) for the year
This is stated after charging/(crediting):
| This is stated after charging/(crediting): | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Depreciation of owned fixed assets | 37 | 391 |
| Accountancy fees | 1,000 | 1,000 |
| Staff pension contributions | 4,952 | 5,547 |
9. Staff costs and emoluments
Total staff costs for the year ended 31 March 2024 were:
| Salaries and wages Social security costs Pension costs |
2024 £ 219,075 16,340 4,952 240,367 |
2023 £ 247,642 20,597 5,547 |
|---|---|---|
| 273,786 |
12 of 16
UP Projects Notes to the Financial Statements Continued
For the year ended 31 March 2024
| 2024 | 2023 | |
|---|---|---|
| Administrative | 3 | 3 |
| Direct charitable activities | 7 | 8 |
| 10 | 11 |
10. Trustee remuneration and related party transactions
One employee, Ms Emma Underhill Nemar, is also a trustee. None of her remuneration is in respect of services as trustee.
11. Comparative for the Statement of Financial Activities
| Unrestricted | Restricted | 2023 | |
|---|---|---|---|
| funds | funds | ||
| £ | £ | £ | |
| Income and endowments from: | |||
| Donations and legacies | 113,298 | 46,791 | 160,089 |
| Charitable activities | 232,593 | - | 232,593 |
| Investments | 113 | - | 113 |
| Total | 346,004 | 46,791 | 392,795 |
| Expenditure on: | |||
| Charitable activities | (351,933) | (46,791) | (398,724) |
| Total | (351,933) | (46,791) | (398,724) |
| Net income/expenditure | (5,929) | - | (5,929) |
| Reconciliation of funds | |||
| Total funds brought forward | 237,869 | - | 237,869 |
| Total funds carried forward | 231,940 | - | 231,940 |
13 of 16
UP Projects Notes to the Financial Statements Continued For the year ended 31 March 2024
12. Tangible fixed assets
| Plant and | ||
|---|---|---|
| Cost or valuation | machinery | |
| £ | ||
| At 01 April 2023 | 9,182 | |
| Additions | 589 | |
| At 31 March 2024 | 9,771 | |
| Depreciation | ||
| At 01 April 2023 | 9,182 | |
| Charge for year | 37 | |
| At 31 March 2024 | 9,219 | |
| Net book values | ||
| At 31 March 2024 | 552 | |
| At 31 March 2023 | - | |
| Debtors | ||
| 2024 | 2023 | |
| £ | £ | |
| Amounts due within one year: | ||
| Trade debtors | 69,051 | 50,472 |
| Prepayments and accrued income | 750 | 750 |
| 69,801 | 51,222 | |
| Creditors: amounts falling due within one year | ||
| 2024 | 2023 | |
| £ | £ | |
| Trade creditors | 1,966 | 5,772 |
| Other creditors | 18,403 | 29,233 |
| Accruals and deferred income | 132,254 | 49,735 |
| 152,623 | 84,740 |
13. Debtors
14. Creditors: amounts falling due within one year
14 of 16
UP Projects Notes to the Financial Statements Continued For the year ended 31 March 2024
15. Movement in funds
| Unrestricted Funds | |||||
|---|---|---|---|---|---|
| Balance at | Incoming | Outgoing | Transfers | Balance at | |
| 01/04/2023 | resources | resources | 31/03/2024 | ||
| £ | £ | £ | £ | £ | |
| Designated | |||||
| Project funds | 129,000 | - | - | (14,500) | 114,500 |
| General | |||||
| General | 102,940 | 336,131 | (400,419) | 14,500 | 53,152 |
| 231,940 | 336,131 | (400,419) | - | 167,652 | |
| Unrestricted Funds - Previous year | |||||
| Balance at | Incoming | Outgoing | Transfers | Balance at | |
| 01/04/2022 | resources | resources | 31/03/2023 | ||
| £ | £ | £ | £ | £ | |
| Designated | |||||
| Project funds | 120,000 | - | - | 9,000 | 129,000 |
| General | |||||
| General | 117,869 | 346,004 | (351,933) | (9,000) | 102,940 |
| 237,869 | 346,004 | (351,933) | - | 231,940 |
Purpose of unrestricted Funds
Project funds
The project fund consists of funds designated for future projects.
General
Curating, commissioning and producing contemporary art.
Restricted Funds
| Restricted funds | Incoming resources £ 9,368 9,368 |
Outgoing resources £ (9,368) (9,368) |
Balance at 31/03/2024 £ - |
|---|---|---|---|
| - |
15 of 16
UP Projects Notes to the Financial Statements Continued For the year ended 31 March 2024
Restricted Funds - Previous year
| Incoming | Outgoing | Balance at | |
|---|---|---|---|
| resources | resources | 31/03/2023 | |
| £ | £ | £ | |
| Restricted funds | 46,791 | (46,791) | - |
| 46,791 | (46,791) | - | |
| Purpose of restricted funds | |||
| Restricted funds | |||
| Restricted funds held for curating, commissioning and producing contemporary art projects. | |||
| 16. Analysis of net assets between funds | |||
| Tangible | Net current | Net Assets | |
| fixed assets | assets / | ||
| (liabilities) | |||
| £ | £ | £ | |
| Unrestricted funds | |||
| General | |||
| General | 552 | 52,600 | 53,152 |
| Designated | |||
| Project funds | - | 114,500 | 114,500 |
| Restricted funds | |||
| 552 | 167,100 | 167,652 | |
| Previous year | |||
| Tangible | Net current | Net Assets | |
| fixed assets | assets / | ||
| (liabilities) | |||
| £ | £ | £ | |
| Unrestricted funds | |||
| General | |||
| General | - | 102,940 | 102,940 |
| Designated | |||
| Project funds | - | 129,000 | 129,000 |
| Restricted funds | |||
| - | 231,940 | 231,940 |
16 of 16