Charity registration number: 1183251 The Factory ot cal1vilY Consolidaled Annual Report and Financial Statements Year ended 31 Mar¢h 2024
The Factory of Creativity Reports and Financial Statements Year ended 31 March 2024 Contents Page Trustees, report Independent auditors, report Consolidated Statement ol Financial Activities 12 Statement of Financial Activities 13 Balance Sheets 14 Consolidated Cash Flow Statement 15 Notes lo the financial statements 16
responsible�for�preparing�the�Trustees’�Annual�Report�and�the�financial�statements�in� Practice�(SORP)�“Accounting�and�Reporting�by�Charities”�(FRS102)�in�preparing�the�annual�report�and�financial�
K�O’Neill�
The�trustees�are�responsible�for�preparing�the�Trustees’
winning�new�shows�and�revivals�and�challenging�people’s�expectations� and�strong�career�pathways�for�Manchester’s�early
writing�for�musical�theatre,�giving�a�platform�to�emerging�composers�and�staging�work�that�wouldn’t�otherwise� bridging�the�gap�between�Manchester’s�many�small�fringe�spaces,�where�acto independent�venues�in�England,�‘a�powerhouse�home�for�musicals’�(The�Stage).
The�trustees�have�referred�to�the�Charity�Commission’s�guidance�on�
Theatre’s�original�revival�of�the�hit�true�crime�rock�musical�LIZZIE,�Directed�and�choreographed�by�William� Goole’s�Junction;�Southwark�Playhouse�Elephant;�and�Peterborough’s�New�Theatre.�This�was�our�theatre’s�first� of�the�country.�While�there�were�challenges�in�replicating�the�production’s�stunning�visual�and�technical�quality� – –
Close�on�the�heels�of�LIZZIE�came�Hope�Mill�Theatre’s�world�premiere�of�To�Wong�Foo�The�Musical,�based�on� their�hearts�(“This�dazzling�and�unapologetically�sentimental�adaptation� of�the�1995�film�shows�how�innovative�the�small�Hope�Mill�Theatre�is”�The�Telegraph):�certain�audience�members� What’s�On�Stage�awards,�and�nominated�for�Best�Costume�Design,�this�was�an�ambitious,�visually�stunning�
–
important�contribution�to�Manchester’s�creative�ecology,�where�in�bridging�the�gap�between�small�fringe�houses� scale�venues�we�challenge�people’s�
Hope�Mill�Theatre’s�community�programme�is�thriving,�with�our�Community�Choir�and�Community�Orchestra� and�at�local�community�events.�HMT’s�Theatre� for�local�children�and�young�people�who�could�not�otherwise�afford�such�opportunities.�Both�HMT’s�community�
–
eate�the�unique�‘Hope�Mill�magic’�they�so�love�in�this�much�larger,�city�centre�venue.�This�is�an�important�
Meanwhile,�Hope�Mill�Theatre’s�production�strategy�has�changed�to�reflect�the�harsh�realities�of�recouping�
ultimately,�over�the�next�4�years,�to�build�reserves�to�the�equivalent�of�3�months’�core�operating�costs,�including�
– – Hope�Mill’s�stories�and�histories�and�celebrating�this�rich�heri unveil�and�preserve�Hope�Mill’s�history�while�building�new�connections�and�audiences�in�the�process.�
Hope�Mill’s�Big�Birthday�will�feature�right�across�our�community�programmes�and�events�calendar:�approximately�
The Factory of Creativity Report of the Trustees for the year ended 31 March 2024 (continued) Future strategy (continued) In this coming year, we will create a large-scale musical production of A Christmas Carol lor presentation at The Lowry over the Christmas 2024 period. This marks an important first slep in creating new work lor larger, partner venues- essential if the growth in our ambition, output. reach and reputation are lo be sustained as our home venue nears capacity. Increased audience numbers will contribute lo ongoing financial suslainabilily, with plans in place lo ensure our existing audiences engage with this new programme and indeed enjoy special insights and previews within Hope Mill itself. We are encouraged by extensive audience consultation that shows extraordinary loyalty and commitment among existing audiences, with a clear readiness to increase their attendances and participation il we can provide more ol what they love. Meanwhile early work is under way with commercial partners on the creation of an original new musical, SAVAGE, Celebrating the unique blend ol talent, wil, compassion and authenticity that was the much-loved Paul O'Grady. The project has been several years in developrnenl and 202415 will be a pivotal year in realising il in lime for a late 2025 premiere.
The Factory of Creativity Report of the Trustees for the year ended 31 March 2024 (continued) Statement Of Trustees. Responsibilities The trustees are responsible lor preparing the Report ol the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practicel. The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and reportsl regulations 2008 and provisions ol the trust deed requires the trustees lo prepare financial statements lor each financial year which give a true and lair view of the stale of allairs ol the charity and ol the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial slatemenls, the trustees are required to.. select suitable accounting policies and apply them consislenlly., observe the methods and principles in the Charities SORP 2019 IFRS1021', make judgements and estimates that are reasonable and prudent., slate whether applicable accounting standards have been followed., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Iruslees are responsible for keeping proper accounting records which disclose with reasonable accuracy al any lime the financial position of the charity and lo enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Fleportsl Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets ol the charity and hence lor taking reasonable steps lor the prevention and detection of fraud and other irregularities. Auditors The auditors, Hawsons Chartered Accounlanls, will be proposed for re-appointment al the forthcoming Annual General Meeting. Report ol the trustees, incorporating a strategic report, approved by order ol the t&)ard of Iruslees on 0910812024 and signed on the board's behalf by.. R Miller - Chair
Independent�auditors’�report�to�the�Trustees�of�The�Factory�of�Creativity
We�have�audited�the�financial�statements�of�The�Factory�of�Creativity�(the�‘parent�charity’)�and�its�subsidiary�(the�
-
charity�and�group’s
law.�Our�responsibilities�under�those�standards�are�further�described�in�the�Auditor’s�responsibilities�for�the�audit� including�the�FRC’s�Ethical�Standard,�and�we�have�fulfilled�our�othe
charity’s�ability�to�continue�as�a�going�concern,�the�group’s group’s
statements�and�our�auditor’s�report�thereon.�The�trustees�are�responsible�for�the�other�information�contained�
Independent�auditors’�report�to�the�Trustees�of�The�Factory�of�Creativity
not�identified�material�misstatements�in�the�Trustees’�Report.
As�explained�more�fully�in�the�trustees’�responsibilities�statement�set�out�on�page�
In�preparing�the�financial�statements,�the�trustees�are�responsible�for�assessing�the�group�and�parent�charity’s�
issue�an�auditor’s�report�that�includes�our�
e�evaluated�management’s�incentives�and� charity’s
Independent�auditors’�report�to�the�Trustees�of�The�Factory�of�Creativity
A�further�description�of�our�responsibilities�is�available�on�the�Financial�Reporting�Council’s�website�at:� auditor’s This�description�forms�part�of�our�auditor’s�report.
This�report�is�made�solely�to�the�charity’s�trustees,�as�a�body,�in�accordance�with�Part�4�of�the�Charities� charity’s�trustees�those�matters�we�are�required�to�state�to�them�in�an�auditor’s�report�and�for�no�other�purpose.� and�the�charity’s�trustees�as�a�body,�for�our�audit�work,�for�this�
09/08/2024
The Factory of Creativity Consolidated Statement ol Financial Activities Year Ended 31 March 2024 As restated 2023 Total Unrestricted Fund Restricted Funds 2024 Total Income and Endowments from: Grant. donations and legacies Charitable activities Other trading aclivilies Other income Notes 228,177 684.584 403,054 328,232 15,350 243,527 684,584 403,054 328,232 229.737 623.811 277,495 135,436 Total in¢oming resour¢e$ 1,659,397 15,350 1,659,397 1,266,479 Resources expended Raising funds Charitable activities 107.624 1,625,799 107,624 1,667,299 231,686 1,223,740 41,500 Total resources expended 1,733,423 41,500 1.774.923 1,455,426 Ngt (gXPgnditure)lincome 189,3761 126,1501 1115,526) 1188,9471 Transfer$ between funds Net movement in lunds 189,3761 126,1501 (115,526) 1188,9471 Funds brought forward 159,7661 62,319 2,553 191.500 Fund$ Carried forward 1149,1421 36,169 1112,973) 2,553 13
The Factory of Creativity Statement of Financial Activities Year Ended 31 March 2024 As restated 2023 Total Unreslricled Fund Restricted Funds 2024 Total Income and Endowments from: Grant. donations and legacies Charitable activities Other trading aclivilies Other income Notes 228,177 131,766 684,584 493.100 15,350 243.527 131.766 684.584 493,100 229.737 623.811 52,371 135,436 Total in¢oming resour¢e$ 1,537,627 15,350 1,552,977 1,041,355 Resources expended Raising funds Charitable activities 1.808 1,625,799 1,808 1,667,299 22,473 1,223,740 41,500 Total resources expended 1,627,607 41,500 1.669,107 1,246,213 Ngt (gxpgnditure) 189,9801 126,1501 1116,130) 1204,8581 Transfer$ between funds Net movement in lunds 189,9801 126,1501 (116,130) 1204,8581 Funds brought forward 178,8631 62,319 116,544) 188.314 Fund$ Carried forward 1168,8431 36,169 1132,674) 116,5441 14
– –
trustees�on�…………………..8th�August�20248th�August
The Factory of Creativity Consolidated Statement ol Cashflows Year Ended 31 March 2024 Notes 2024 2023 Cash flow from operating activities 21 {129,0401 1306,9381 Cash flow frorn investing activities Payments lo acquire tangible fixed assets Interest paid Interest received (21,194) (13,707) 62 116,1801 17,0141 Net cash flow from Investlng actlvltles {34,839} 123,1941 Cash flow from flnanclng actlvltles New loan in the year Repayment ol borrowings 150,000 (15,203) 100,000 117,9711 Net cash flow from flnanclng actlvltles 134,797 82,029 Net (decrease) in cash and cash equivalents {29,082) 1248,1031 Cash and cash equivalents at 1 April 61.504 309,607 Cash and cash equivalents at 31 March 32.422 61,504 Cash and cash equivalents consist of: Cash al bank and in hand 32,422 61,504 Cash and cash equivalents at 31 March 32,422 61,504
The Factory of Creativity Notes on Accounts Year Ended 31 March 2024 1. Accounting policies Statutory information The Factory of Crealivily is a charity (No. 11832511, domiciled in England and Wales. The registered office is al Hope Mill Theatre, 113 Pollard Street, Manchester, M4 7JA. Basis of preparing the tinancial statements The financial statements ol the charity, which is a public benefit enlily under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 lelleclive 1 January 20191., Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic ol Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception ol inveslmenls which are included al market value. The financial statements are presented in FK)unds sterling, which is the functional currency and rounded lo the nearest £1. Basls of consolldatlon These financial slalemenls consolidate the results of the charity and ils wholly owned subsidiary. FOC Trading Limited on a line by line basis. Income and debtors All income is recognised in the Statement ol Financial Activities once the charity has entitlement to the funds, il is probable that the income will be received, and the amount can be measured reliably. Grant income is recognised when the charity becomes unconditionally entitled to it. Debtors are recognised al seiilemenl value. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or conslruclive obligation commilling the charity lo that expenditure, it is probable that a Iransler of economic benefits will be required in selllemenl and the amount ol the obligation can be measured reliably. Expenditure is accounted lor on an accruals basis and has been classified under headings that aggregate all cost related lo the category. Where costs cannot be directly allribuled lo particular headings, they have been allocated lo activities on a basis consistent with the use ol resources. Tangible fixed a$sets Depreciation is provided at the following annual rates in order lo write off each asset over its estimated useful Plant and machinery Fixtures and fittings Computer equipment 20 10 on reducing balance 20 10 on reducing balance 33 /0 on cosl Related party exemptlon The charity has taken advantage of exemption. under the terms ol Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic ol Ireland,, not to disclose related party transactions with wholly owned subsidiaries within the group. Taxation The charity is exempt from corwralion lax on ils charitable activities.
’s
There�are�no�significant�estimate�or�judgements�made�in�the�process�of�applying�the�charity’s�accounting�
The Factory of Creativity Notes on Accounts (continued) Year Ended 31 March 2024 Income from grants. donations and legacies Unrestricted fund 2024 Reslricled fund 2024 Totsl funds 2024 Total funds 2023 Donations 81,415 81,415 350 81,765 81,765 31,861 31.861 Total donations 350 Manchester City Council Arts Council England National Lottery Key fund Northern Cultural Regeneration Fund Foyle Foundation Andrew Lloyd Granada Foundation LGBT Foundation Noel Coward Foundation MCR Active Garfield Western Manchester Pride Theatres Trust Partners Foundation Community Programme Turn On Fest Gordon Barton Garrick Trust 37,822 88,440 37,822 88,440 30,000 55,203 35,273 16.500 15,000 15.000 2.000 2.000 2.400 4.500 20.000 15,000 15,000 1,000 5,000 5,000 2,000 5,000 2,500 1,000 5,000 5,000 2,000 5,000 2,500 Total grants 146,762 15,000 161,762 197.876 Total 228,177 15,350 243,527 229,737 Income from charitable activities As restated Total Funds 2023 Unreslricled fund 2024 Reslricled fund 2024 Totsl funds 2024 Ticket sales Memberships Theatre school 653,188 13,191 18,205 653,188 13,191 18,205 593,071 9,410 21.330 684,584 684,584 623.811 19
The Factory of Creativity Notes on Accounts (continued) Year Ended 31 March 2024 Income from other trading activities Unrestricted fund 2024 Reslricled fund 2024 Totsl funds 2024 Total funds 2023 Charitable trading: Sales of Product Income Fundraising Trading income Advertising Theatre Hire 89,305 7,923 271,288 89,305 7,923 271,288 20,200 225,124 300 31.871 34,538 34,538 403,054 403,054 277.495 Other in¢ome Unreslricled fund 2024 Restricted fund 2024 Totsl funds 2024 Total funds 2023 Theatre Tax Relief Other income 326,901 1,331 326,901 1,331 127,882 7,554 328,232 328,232 135,436 Expenditure on raising funds Unrestricted fund 2024 Reslricled fund 2024 Total funds 2024 Total funds 2023 Charitable: Purchases Fundraising costs 847 961 2,024 20,449 961 Non-charitable: Trading subsidiary expenditure Trading subsidiary staff costs 105,816 105.816 145,663 63,550 107,624 107,624 231.686 20
The Factory of Creativity Notes on Accounts (continued) Year Ended 31 March 2024 Expenditure on charitable activities Unrestricted fund 2024 Reslricled fund 2024 Totsl funds 2024 Total funds 2023 Production costs Hire ol equipment Box office Pre-production expenses Artist Travel Artists Set, costume and prep 16,731 335,271 306,502 8,494 101,361 17,764 61,001 781,678 1,694 286,313 1,866 61,001 781,678 1,694 286,313 1,866 1,132,552 1,132,552 786,123 Establishment costs Rent and rates Insurance Light and heat Telephone 76,335 6,554 76,335 6,554 39,576 6,241 13,403 2,009 61,229 3,897 86,786 86,786 Support costs Computer expenditure Repair and maintenance Entertainment Licenses and memberships Cleaning Health and safely Travel Depreciation Printing, postage and stationery Advertising Sundries Bank loan interest VAT expense 883 6,354 1,369 11,658 6,112 3,031 24,174 13,932 4,411 13,396 1,712 13,645 47,483 53,194 4,993 21,515 4,649 5,214 5,910 2,966 11,655 15,981 6,020 9,685 2,916 7,014 30,929 129,447 6.354 1.369 11.658 6,112 3,031 24,174 13,932 4,411 13,718 1,712 13,645 47,483 53,516 322 322 Payroll costs Staff costs Training 308,630 1,638 310,268 41,128 50 41,178 349,758 1.688 351,446 219,880 2,321 222,201 Governance costs Auditor's remuneration Legal and professional lees Bank charges 13,442 28,833 724 42,999 13.442 28.833 724 42,999 14,626 9,816 298 24,740 Total expendlture on ¢harltable a¢tlvltle$ 1,625,799 41.500 1,667,299 1,223.740 21
The Factory of Creativity Notes on Accounts (continued) Year Ended 31 March 2024 Net income for the year 2024 2023 This is slated after charging.. Depreciation 15,023 16,683 Fees payable to the Charity's auditors in respect of.. The audit of the Charity's annual accounts The audit of the subsidiary s annual accounts All taxation advisory services All non-audil services nol included above 7,000 1,250 3,250 2,150 6,000 1,000 3,000 7,126 Staff costs and trustee remuneration 2024 2023 Group Charity Group Charity Wages and salaries Social security costs Pension costs 307,769 28,530 307,769 28,530 257,091 21,614 4.725 283,430 199,446 16,768 349,758 349,758 219,880 2024 2023 Group Charity Group Charity Employees 15 15 19 19 The nLJmber of employees whose employee benefits lexcluding employers pension coslsl exceeded £60,000 was.. Group 2024 No. Group 2023 No. In the band £60,001 £70,000 During the year, no Iruslees received any remuneration or other benefils12023'. Nill. No12023.' Nil) trustees had expenses reimbLJrsed during the year12023.' £Nill. The total amount of employee benefits received by key management personnel is £122,61212023'. £111,886). The key management personnel ol the charity comprise the trustees and the Senior Management Team, which at the year end comprises the stall members listed below. Executive Director Artistic Director 22
The Factory of Creativity Notes on Accounts (continued) Year Ended 31 March 2024 10. Tangible fixed assets Group Plant & machinery Fixtures & fittings Computer equipment Total Cost Ai 1 April 2023 Additions Disposals Al 31 March 2024 85,084 21,194 20,792 11,885 117.761 21.194 106,278 20,792 11.885 138,955 Depreciation Ai 1 April 2023 Charge for the year Eliminated on disposal Al 31 March 2024 40,444 12,647 11,819 1,794 10,431 582 62,694 15,023 53,091 13,613 11.013 77,717 Net book value At 31 March 2024 53,187 7,179 872 61,238 Al 31 March 2023 44,640 8,973 1.454 55.067 Charity Plant & machinery Fixtures & fittings Computer equipment Total Cost Al 1 April 2023 Additions Disposals Al 31 March 2024 82,832 15,911 18,233 11,076 112.141 15.911 98,743 18,233 11,076 128,052 Depre¢latlon Al 1 April 2023 Charge for the year Eliminated on disposal Ai 31 March 2024 39,345 11,888 10,459 1,554 10.082 490 59.886 13.932 51,233 12,013 10,572 73,818 Net book value At 31 March 2024 47,510 6,220 504 54,234 Al 31 March 2023 43,487 7,774 994 52.255 23
The Factory of Creativity Notes on Accounts (continued) Year Ended 31 March 2024 11. Fixed asset investments Investment in subsidiary companies Charity Cost or valuation Al 1 April 2023 and 31 March 2024 Subsidiary Name Company number Registered office Class of share Holding FOC Trading Limited 12032999 Hope Mill Theatre 113 Pollard Street Manchester M4 7JA Ordinary 1 OOQ/. The financial results of the subsidiary for the year were.. Income Expenditure the year Net assets FOC Trading Limited 271,288 1254,0701 17,218 19,700 12. Sto¢k$ Group 2024 Group 2023 Goods held for resale 3,458 5,713 There is no material differen between the replacement cost ol stocks and amounts slated above. 13. Debtors 2024 2023 Group Charity Group Charity Trade debtors Other debtors Prepayments 14,184 3,858 376,085 5.809 20,588 20,148 376.085 273,089 273,089 394,127 381,894 293,677 293,237 24
The Factory of Creativity Notes on Accounts (continued) Year Ended 31 March 2024 14. Creditors: Amounts falling due within one year As reslaled 2023 2024 Group Charity Group Charity Other loans Trade Creditors Amounts owed to group undertakings Social security and olher taxes Other creditors Deferred income Accruals 174,984 45,478 174,984 45,478 57,409 83,744 2,368 41,824 17,738 24,983 9,284 24,983 5,213 14,594 68,242 83,744 2,368 100,574 20,237 46,147 108,318 39,514 54,320 32,915 427,385 423,545 228,246 200,267 15. Creditors: Amounts falling due in more than one year 2024 2023 Group Charity Group Charity Other loans Deferred income 169,958 6,875 169,958 185,162 185,162 176,833 169,958 185,162 185,182 16. Deferred income As reslaled 2023 2024 Group Charity Group Charity Balance al 1 April Amounts released to income Amount deferred in the year Balance al 31 March 108.318 1108.318) 107,449 107.449 54.320 154,3201 41,624 41,824 192,867 1192,8671 108 318 160,967 1160,9671 54,320 54,320 108,318 Deferred income comprises amounts which have been invold in advance and relate lo future accounting periods. 25
The Factory of Creativity Notes on Accounts (continued) Year Ended 31 March 2024 17. Other loans The ageing ol the loans is as lollows.. 2024 2023 Group Charity Group Charity Due in one year Due between two and live years Due in more than five years 174,984 69,958 100.000 174,984 69,958 100,000 24,983 83,086 102,076 24,983 83,086 102,076 344,942 344,942 210,145 210,145 18. Rg$trictod lunds Group and Charlty- 2024 Balance al 31 March 2023 Incoming resources Resources expensed Transfer Balance at 31 March 2024 First Curtain Foyle Foundation Manchester City Council Andrew Lloyd Webber Foundation Northern Cultural Regeneration Fund 4.189 10,000 20,380 350 4,539 110,0001 20,380 11.250 15,000 115,0001 11,250 16,500 116,5001 Total restricted funds 62,319 15,350 141,5001 36,169 Group and Charity- 2023 Balance al 31 March 2022 Incoming resources Resources expensed Transfer Balance al 31 March 2023 First Curtain Foyle Foundation Manchester City Council Andrew Lloyd Webber Foundation Northern CLJltural Regeneration Fund 7.794 20,395 15,000 30,000 124,0001 15,0001 19,6201 13,7501 4,189 10.000 20.380 15,000 11,250 16,500 16,500 Total $tricted funds 7,794 96,895 142,3701 62,319 First Curtain First Curtain raises funds to buy a ticket lor a child from Greater Manchester lo allend the theatre lor the first lime. This grant provides funding towards a new freelance Assistant Producer role. Foyle Foundation Manchester City Council Andrew Lloyd Webber Foundation Northern Cultural Regeneration Fund Funding towards capital development feasibility studies. The grant provides funding towards the Hope Mill Theatre School. Funding towards capital development feasibility studies. 26
The Factory of Creativity Notes on Accounts (continued) Year Ended 31 March 2024 19. Unrestricted funds Charity Group Balance al 31 March 2022 Nel movement in funds lor the year las reslaledl Transfer during the year 180,520 1259,3831 183,706 1243,4721 Balance al 31 March 2023 las restaledl 178,8631 159,7661 Nel movement in funds lor the year Transfer during the year 189.9801 189,3761 Balance at 31 March 2024 1168,843} {149,1421 20. Analysis of net assets between funds Group- 2024 Unrestricted funds Reslricled funds Total funds Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 61,238 393,838 1427,3851 1176,8331 61,238 430,007 {427,3851 {176,8331 36,169 1149,1421 36,169 {112,9731 Group- 2023 (As restated) Unrestricted funds Reslricled fund8 Total funds Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 55,067 298,575 1228,2461 1185,1621 55,067 360,894 1228,2461 1185,1621 62,319 159,7661 62,319 2,553 27
The Factory of Creativity Notes on Accounts (continued) Year Ended 31 March 2024 20. Analysis of net assets between funds (continued) Charity- 2024 Unrestricted funds Reslricled funds Total funds Tangible fixed assets Investments Current assets Creditors due within one year Creditors due in more than one year 54,234 54,234 370,425 1423,5451 1169,9581 36,169 406,594 {423,5451 {169,9581 1168,8431 36,169 {132,6741 Charlty- 2023 (As restated) Unrestricted funds Reslricled funds Total funds Tangible fixed assets Investments Current assets Creditors due within one year Creditors due in more than one year 52,255 52,255 254,310 1200,2671 1185,1621 62,319 316,629 1200,2671 1185,1621 178,8631 62,319 116,5441 21. Reconciliation ol consolidated net incoming resources to net cash flow from operating activities As rested 2023 Group 2024 Group Nel loutgoingl resources Interest paid Interest received (115,526) 13,707 (621 1188,9471 7,014 Nel IoLJtgoingl resources from operations (101,881) 1181,9331 Depreciation Decreasellincreasel in stock Ilncreasel in debtors Increaselldecreasel in creditors 15.023 2.255 (100.450) 56.013 (129,040) 16,683 15,7131 1111,2251 24,750 1306,9381 Nel cash loulllowll inflow from operating activities 28
The Factory of Creativity Notes on Accounts (continued) Year Ended 31 March 2024 22. Analysis of net debt 1 April 2023 Non<ash Movements 31 March 2024 Cash flow Cash at the bank and in hand 61,504 129,0821 32,422 Debts falling due within one year Debts falling due alter one year 124,9831 1185,1621 134,797 1284,7981 15,204 {174,9841 {169,9581 1148,6411 105,715 1269,5941 {312.5201 23. Financial commitments 2024 2023 Group Company Group Company As al 31 March the annual commitments under non-cancellable operating leases were as follows:. Due wythin l year Due within 110 2 years Due within 2 10 5 years 25,000 100,000 25,000 100.000 35.417 160,417 25,000 100,000 60,417 185,417 25,000 100,000 60,417 185,417 160,417 As at 31 March 2024 the company and the Group had capital commitments ol £nil12023= £nill- 24. Pension commitments The group operates a defined contribution pension scheme. The assets ol the scheme are held separately from those ol the group in an independently administered fund. The pension cost charge represents contributions payable by the group lo the fund and amounted lo £13,459 12023.. £12,526). There were no oulslanding contributions payable to the fund al the reporting dale. 25. Related party transactions Transactions with trustees are disclosed in note 9. The financial results of FOC Trading Limited as disclosed in note 11 of these financial stalemenls. During the year, W Whelton loaned the charity £130,000. This balanTr is unsecured and no interest is charged. At the balance sheet dale, £130,000 is outstanding and is included in other loans.