Charlty regl¥tration number 1183881 {England and Wale8) THE ISLAND COLLECTION CREATIVE ISLAND ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 • xeinadin
THE ISLAND COLLECTION CREATIVE ISLAND LEGAL AND ADMINISTRATIVE INFORMATION Tru8teeg Mr F Figueiredo-stow Mr J Whitewood Mr S Harrison J Gazzard Ms J Cusa¢k M$ N Collins V Presltsn Ms S E Chatwin Dr R Tail (Appolnled 16 Juty 2024) Charfty numb•r (England and Walesl 1183881 Indèpendènt èxamlner Hazel Day Xeinadin London Limited 46148 Easl Slreet Epsom Surray United Kingdom KT17 1HQ
THE ISLAND COLLECTION CREATIVE ISLAND CONTENTS Page Truslees. port Independenl examiner's report Slatement of finan¢ial actiV41ies Balance sheet Noles lo Ihe financial slalements 8-15
THE ISLAND COLLECTION CREATIVE ISLAND TRUSTEES, REPORT FOR THE YEAR ENDED 31 IkqARCH 2025 The Tru$leg3 pres¢nl their annual report and financial slalemenls for the year ended 31 March 2025_ The financial slalemenls have been prepared in accordance wilh Ihe accounting policies set out in note 1 to Ihe rinancial slalemen15 and comply with the Charily's goveminy (Jocumenl, thè Charitie$ Act 2011, FRS 102 "The Finan3[ Reporting Slandard applicable in the UK and R8public ol Ireland. and the Charities SORP 'Aceounling and Reporting by Chaillles.. Slalemenl of Recommended Praclice applicablè lo charili08 prepaiing Iheif a¢counls in 8c¢ordance wilh Ihe Finanual Reporting Slandald applirable in the UK and Republi¢ ol Ireland IFRS 1021" Oblectlves and actlvltles The puwpose ol the charily is to promote arts, euliurè ènd heritage on Ihe Isle of Wght by supporting, promoling and dèv6loping Ihelslanif5 arts. cullural and heiilage sector loi Ihe beer11 ol all Piiblic b&n&lil Th2 Trustees have paid d¢te re9ard to guidance issued by the Charity Commission in decirfing what aclNities Ihe Chailly sIukI undéFl8ke.
THE ISLAND COLLECTION CREATIVE ISLAND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achl6vements and perfom)anc SlgnificBiIE Bctlvilies and achievemenls &gainst obiecfiv&s Thé past yéar has boèn ona ol consolidallng Crèative Islands rola as Ihe Gvllural Development Agency for the Isle lor Wght. 11 has cequired us lo build a range ol partnerships Ihat bring Ihis into realily. exiending our role as conveners. undeislanding Ihe islands place viilhing Ihe Solent and ovr tole as sUPPOrters of others ambilions. It has been a 9ood year. INe are cleaier aboul our purpose, stepped inlo a leadetship and lacililator role lar cullure on Ihe island and region81ty. We havè built new 8nd sometimes surprising partnerships and be9an to undersland Ihe scale of what Is PDssible. Rellecling Dn Ihe aclil4lles we sel oursetves In the prethous year11 is ple8slr49 to see Ihe progress we have rn8de i moving all of those ambiltons foTward. We have rn8naged, wilh the svpport ol every patl ol the island, lo build a Pl8¢8 P8rtnetship, Can Yoti Hear Us, allra¢lin9 coTrslderable inveslfflent from Ihe Arts Council. nurtuieil a partnership with the National Herilage Lollery Board. begun lo work wilh libraries 8Trd eslabllshed a dialogue wlh other UK islands. We continue lo work as des¢¥tbing who we are as one single entily with a sèriBs of interconnected programmÈs. the CEP, Talent Development programm8, museum developmepl and 8lialegic development. A partial list ol olhei achievements ol Ihe pasl year indude.. Evolved Ihe board, recruiting new members who bring a range ol ski115 and experienees including in puuic heallh. economic development and place building. Buill Towij Convers81ions, 88 five loc31 ¢ullural lorum5 across the island that meel regylarfy to explore shared arnbilion5, Inloim our development and Stng1hen the Islands eullurÈl ecology. J(ined the Local Aulhoiilies Economic Development Board c4>nlributing lo the devebpmenl of the islands Growih 8nd Piospèrity stralègy by lèadlng thè cullural and commvnily strand. Led Ihe eslablishmgnl ol regular meetings wilh Soulhamplon Foaid and Portsmotrth Creates to develop a sh8rÈd. gr8ssroois sense of Ihe collÈclbVÈ neéds Ènd ambitions ol the Solent. Conlrlbuted to the development ol a Solenl Cvllural Plan lavnched al Soulhsmpton FC as a fore-runner lo an emeiging combined authority. Secured a £700k Place Part)ership as an expression of the share6 ambitions ol Ihe curiural seclor to express the island as a progrossNe. ambilious and Ix)nlemporary sel of comrnunÈties. Established a UK islands nelwork of 10 who meet regularly lo explore shared challenges, ambilions and solutions. Se¢LFred Pasl Fulures as a £250k HLF award in parlnershlp wtth HIWCF lo cieale a small grants programme for Ihe islands heritage sector. Convened the festival sector lo explore shaied challenges and joint woiking POS5ibiltties. Convened iegvlar me8lings with the five NPOS. idenlitying shaied ambilions and leafniTrJ OF)POrtunilies. Re-eslablished Ihe islands Open Sludio as a separate CIC now In ils second year. seCred investment from ACE to delivEr inl8rnational exehangè with Tersheljing lh8 Netherlad8 with 6 Soulh East England island based producers. Continued lo build ¥elalionships behveen schools and the cvllural communlty linklng s¢hools wllh local opportunilies with examples including Fulure Ciealives. Careers week 2025.. delivered grom 3r0 71h Febwary 2025 involvin9 28 Cvllvravctealive oiganisalvJn5 and 28 of th8 island$ 55 schools.
THE ISLAND COLLECTION CREATIVE ISLAND TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Futlh¢r t1evelopBd the Crèalive nelwork continues lo increase lo 180 m9mbers fiom every part ol Ihe islan¢F as a lalenl developmenl programme for Ihe islands cvllural sector. Delivered 5 Creative BsIneSS Development menlorfng sesslons to 5 creative organlsallons. 18 Crealive Advisory Sessions lo Ireel3nce pr8Ctilioner$, 8 nelworking events al IW cultural venues and 2 Orf-islan away days to Soulh8mpton and G05POrt. with Iree ferry Iravel from bolh Red Funnel and 9h115k. Throughoul this pa31 yearwe have beeD owgar*isin9 Ihe infraslruclufe. relationships and means of communic4ting to be able lo deliver on our staled mission of 'contributing lo Improving the qualily ol lifè ol all Ihe people of the Island.. Flnanclal rèvièw The Charity had suffieAenl fvnds in plac6 to ènsu¥e il eould cary oul ils charilable objeclives Resewespolicy The Trustees have r8VtèwÈd lh8 1Èservès policy 8nd believa ihat Ihe Charity $hotsld sim ts) hold 6 monlhs of nreslricled expendilure. The Iiuslees considei Ihal reserves al this level wlll ensure that, in Ihe event of a Slgnifira1 drop sn funding, Ih&y will be able lo continue Ihe tharity'8 current aclivilies while considei81ion is given lo ways in which addilional funds may be rzised. Plans for fulure porlods Futurè Plan$ We are now two years into Ihe islands len-year slralegy All lh8 Woiid8rwhi¢h informs our direction of Ir8vel and sh8pes lh8 conveTsalions we have wilh olhers. During 25r26 we Inlet lo underfake an lTrle¥irn review ol that slrate9y and ensure il is still an expression ol our shared ambiiions lor the island. We intend lo use Ihe opportEinity of Ihe Place Partnership lo slienglheF¥ the islands cullural ocology, making the besl usp of our lleCtiVe tesouT¢es and ensure that thé Islands voice is heard in gional 8nd national discussions espeeAally with the emerging combined aulhorily. Over and al)ove Ihese we pl8n lo.. Deliver Pa$1 Fultir&s in partnèrship with NHLF and HIWCF whilsl developin9 Iho capacity of the heritage seclor. ild an alli8nce with Ihe cullvial developFnenl bodtes ac105s Hampshire and Stslenl to eftsure a coledsve grassroots expression of Ihe ambitions for Ihe places we live. Work with Ihe islands Museum Forum and Museum Oevelopmeftt Southwest on a disereel programme to ensure we have the $lruclures and le8dership in pla¢e lo en$yre Ihe heritage se¢loi Ihrives. Establish five sub commillees of Ihe board each lo indude a wder sel tsf inleresled parties lo ensure we are infomied aml connected lo other agenc¢es. Build a stronger relalionship with Public Heallh and Ihe islands NHS. Nurture a partneiship with the island5 carnival secior. Fudhef build Ihe Crealwe lQetwork £s a IRlenl development programme for the island. Consolidate the Creative Careers week snd explorè apprenliee and enlrylgvel roles stnJ¢tUTe. governance and managemont The Chatity is conlrolled by ils goveiniag document, a deed ol Iwsl and conslTrlules an unincorporated charily.
THE ISLAND COLLECTION CREATIVE ISLAND TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The Tnjstees who served dutlng Ihe year and up lo the dale of $tynalvre of the financial statements wece= Mr F Figueiredo-slow Mf J lIViod Mr S Ffairison J G8zzard Ms J Cusa¢k Ms N Collins V Pieslon Ms S E Chalwin Dr R Tait IAppolnl8d 16 July 20241 The Truslees, report was approved by ihe Board ol Tvuslèes. Mi S Harrison Trusle8 Dale.. 1.1 l.i.:....l. z !'
THE ISLAND COLLECTION CREATIVE ISLAND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ISLAND COLLECTION I report to the Truslees on my èxaminalion of the fir*ancial slalemenls of The Island Collection (the Charilyl lol the year èndèd 31 March 2025. R8spon81bilities and ba81s of report As the Tiuslees of the Charily you ale responsFble for Ihe prepafalion of the financial slalemenls in aCcordaTr wilh Ihe requiremenls ol the Ch8tili8s Act 2011. I report in respeel ol my èxaminalion of Ihe Charity's financial slalements Caed out ttndBr section 345 of Ihg Chari119s Acl 2011. In carrylng Qut my exatn1natl( I have followed Ihe Diredions given by the Charity Commission under section 1451Sllbl of ¢he ch8riliesAcl 2011. Indèpendent examlneV$ $l•i?mtnt Sln¢e the Charity's gross Income exceeded £250.000, the independent examinEI musl be a membei of a body listed in section 145 01 the Challlies Acl 2011.1 confirm Ihal l am qualified to undertake Ihe exaininalion because I am a membeF Of Ihe Inslilule of CharteredAccountants in Engla and Wales, which is one of the lisled bodies. Your allenlion is drawn fo Ihe fact that the charity has prepared Ihe financi81 slalemenls in accordarsoe wilh Ihe relevant version of the Sialemenl of Recommended Practice applieable to charities prep8ring Iheir finanual slalements in accordance wlh Ihe Financl81 Reportsng Slandaid applicable in the UK and Republic of Ifeland IFRS 1021 in Preferen lo Ihe Accounting and Reporting by Charities.. Slalèmenl of Recommended Pradice issued on 1 Awil 2005 which is ieferred lo In Ihe ean1 regulations but has now been wilhdrawn. l undersland that Ihis has been done in order IOT the financial slalements lo provide a tnje and fair VEÈW in 8ccordaft wilh UK Generally A¢pIed Accounling Praclioe. I have completed my examinalion. I confrrm Ihat no matters have conie lo my allention in conne¢tion WFth the exaniinalion giving ma cause to beliève Ihal in any malerial respecl.. accounling records werè nol kèpl iri respeel ol IhÈ Chaiily as requi by seclion 130 01 Ihe ChaTities Act 2011. the financial statÈmenls do not accord with those records,. or the financial statements do not comply with thÈ applicabl& requ¢rements concernlng the forfft and conlenl of financial slalemenls Set olrt in Ihe Charili8s lAcnIS and Reports) Regulalions 2008 other than any ¥equiiemÈni that the financial slalemenls give a Irue and lair wew, whlch Is nol a mallei considered as part ol an independent ex?tlliFialion. I have no concerns and have como across no olher niallers in connection wilh Ihe examination lo which allenllon Should be drawn in Ihis repori in order lo er+able a proper understanding of the fin3naal slal8m8nts lo be Fe3ched. Hazel Day Xeinadin London Limiled 46148 East Slreel Epsom Suriey KT17 1HO Unlled Klngth)m Dale.. 1gJfft.1.90.gs
THE ISLAND COLLECTION CREATIVE ISLAND STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestrlcted R8slricled lunds funds 202S 2025 Total Unrestricted Restrlctèd fund$ fuwtds 2024 2024 Totsl 2025 2024 Notes Income from: Charitable acliwlies OlheF Irading aclivilies 226.583 5,575 80.189 306,772 5,575 214.350 4,770 20,500 234,850 4,770 Total In¢ome 232.158 80.189 312,347 219.120 20.500 239.620 Expenditure on: Cha¥ilable aclivilies 188,068 44,939 233,005 151,290 4.107 155,397 Total oxpèndlture 188.066 44,939 233,005 151,290 4.107 155,397 Not Income and movement in funds 44,092 35.250 79,342 67.830 16,393 84,223 Reconclliatlon of funds: Fund balances al 1 Apiil 2024 74,197 16.393 90,590 6.367 6.367 Fund balances at 31 March 2025 118.289 51,643 169,932 74,197 16.393 90.590 The statement of financial activilks Inclu¢Jes all gains and105ses recognised in the yea¥. All incorne and expendilure dersve from tonIUlg adwilies.
THE ISLAND COLLECTION CREATIVE ISLAND BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Notès Fixed assets Tan9ible as5eis 3,857 2.611 Current Deb1015 Cash al bank and in hand 12 765 175,087 95,459 175.852 95.459 Creditors.. amounls falling due withln ontr year 13 {9.7771 17,480) Net current 8858t8 168,075 87,979 Total assèts le8$ Current liabllilles 169.932 g0,S9 The funds of the CharSty Resliicled income funds Unreslricled funds 15 16 51,643 118.2B9 16.393 74,197 169,932 90.590 The financial slalemenls were approved by the Truslees on . LS..l! I ILO IS. Mr S Hauison Trust••
THE ISLAND COLLECTION CREATIVE ISLAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlny poll¢les Charlty Informatlon The Island CollèclioR 15 8 Charflable Incorporated Organlsalion (CIO). The ieglslered Offi address is Building 41, Nowporf Road. Cowes. Isle ofwighl P031 8BX. 1.1 A¢¢ounling Gonventlon Tho fjnancial slalemenls havè been prepared in aecordance with the Ch8rills governing docurnenl, the Charities Act 2011. FRS 102 "The Finandal Reporting Standaid 8ppli¢able in Ihe UK and Republic ol Ireland and Ihg Charities SORP 'AccoUtIng and Reporting by Charities.. Slalgmenl of Recomm8ndèd Piaclice applicable lo charities preparing Ihelr ac¢ounls ij) accordance with Ihe Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS 102)" The Charily is & Public 8enefil Enlily as defined by FRS 102. The Chaiily has laken adwanlage ol the provssitsFS in the SORP lor chariliès not lo piepare a slal¢rn8nl of cash flows. The financial slalements have departed Irom the Charities {Accounls and Reports) Regulations 2008 onty lo the extent requirèd lo provide a Ime and falr vlew. This deparlure has involved following the Slalement ol RecommÈRded Pra¢li¢e lor charities applying FRS 102 ialher Ihan Ihè vèrsion of the Slaternenl of Recommended Pra¢lice which is relerd lo Ihe Regulations twt which has since been wilhdiawn. The financlal slalernents are pEpared Fn sleJling. which is the functional cwfency ol Ihe Charily. Mon8lary amounts in Ihese finanoial slalefftenls are rounded to the nearest £. The financial statements have been prepared under Ihe hislorieal ¢ost convenlion. Imodifd lo include Ihe fevaluallon ol freehold pioperlios and lo Include inveslmenl properlies and certain financial instfttmenls al fair valuel. The principal ac¢ounling poliues adopted are sel out below. 1.2 Golng coi)¢orn Al the lime of appioving Ihe financial slalemenls, Ihe Ttuslees have a ieasonabl8 expectation thal Ihe Charity has adeqtsale iesources lo continue in operational e¥sslen¢e loi the foreseeable lului6. Thus Ihe Twuslees continu810 3dopl Ihe going concern basis ol accounting in preparing Iha Iinanctal 81alemenls. 1.3 Charftablè fiinds Unreslrielèd funds afe available lor use al Ihe disCli0n of the Tfuslees In furtherance ol Iheir cl)arilable objectives. RtsliiGled funds are subject to specific condilions by oi grèntor5 85 lo how Ihey may bè usèd. The purposes anij uses ol Ihe restricl6d funds are sei out in Ihe notes Io Ihe financial slalemths. Endowment lunds arè subject lo specifi¢ condilion5 by donors that Iha eapllal musl be malnlalned by the Cbarily. 1.4 Incomo lftcome Is recognlsd when Ihe Charlty Is legally enlilled lo 11 after any performan condilion3 have been met. the 8rnounls can be mpasured ieli8bly. and il is probable thal inconie will be received. Cash donat10113 afe recognised on reeeSpt. Othèr donations are reco9ni5ed once the Cliarily ha8 been nolified ol the donation. unles5 perfomiance condilions require ijeferral ol Ihe amount. Income lax rècoverable in relaliori to donalions received under GIftAid or deeds of covenant Is iecogllised al Ihts linie ol Ihe donalion. Leg3cies are iecognised on receipl or olheJwise il Ihe Charily has been nolif1 ol an impending distribution. Ihè amount Is known. and receipl is expected. If Ihe amount is not known, Ihe legacy is Irealed as a colllingenl assel.
THE ISLAND COLLECTION CREATIVE ISLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 A¢¢ounling pollcles (Continuedl l.S Expeiiditure Expendilur8 is reix)gnlsed oncè thère is a legal constructive obligalion lo Iransler economic bettefil 10 8 Ihiid party, il is probable Ihat a transfer of e¢oRomlc benefils will be iequir8d In saltlèmenl, and Ihe amount ol Ihe obligaliDn can be me8surèd reliably. Expenditure is rJassified by aclivily. eosls of each activity are made up of ihe lolal ol direct costs and shared c05t5. lficluding supporl cosls involved in vndertaking ea¢li aclivity. Direct cosls altributable to a single aclivaly are Sllocated directly to Ihat aclivily. Shared cosls which conlribule lo more Ihan on8 act>tY and support C0515 which are not allrlbutable lo a single a¢livity are 8ppoMionèd bétweén Ihose activities on a basis consislenl with Ihe use of TÈsoureés. Céntral staff costs are all¢)caled on the basis of lime spent, and eprecialion chargas are allocated on Ihe porfion ol the assel's USÈ. 1.6 Tanglblo flxed assets Tangiblè fixed assels are inilially measured al c4)sl and subsequently measured al cost 01 valuatlon. nel of deprecialion and any impairment losses. D8prerAalion is rècognised so as lo wrrfe off Ihe cosl or v8lvalion of 8ssel$18ss Iheii resldual v8lu8s over Iheir useful h'ves on the following bases.. Compuleis Slraighl line over 3 years Thè gain or loss arising on Ihe disposal of an assel is delermin8d as the dillerence belween Ihp 5?le proed9 and the carrying valu8 of the asset. is ieeognised in Ihe stèlement ol financial aclivilies. 1.7 Impalrment of fixèd assèts Al each repDrling end dal&, fhè Charily reviews Ihe carrying amoun1$ of ils langible ass915 lo delerrnine whelher there is any indicalion that Ihose assets have suffere($ 8n Impairment loss. If any suoh indication exisls, the recoverable arnounl of Ihe asset is eslimated In ordef lo determine the exlenl of the impairmgnl loss lil any). 1.8 Cash and cash eqiiivalenls Cash and cash equivalenls include cash in han¢J, d¢pgsils held at call wtth b3nks. olher short-lerm liquid inveslmellls with QFTgin81 maturilles ol Ihree months or less. and bank ove¥drafts. B8nk overdr81ts are shown wilhin borrowings in ctjrrenl liabilities. 1.9 Flnartclal In$tnJmÈnts The Charily has elected to apply the provisions ol Sectio 11 'Basic Financial Inslruments, and Secllon 12 'Olhei Financial l¢)slrvmenls l&sues' of FRS 102 to all of lis finanual instruments. Financial insliumenls are recognised the Charit$ balance sheet when Ihe Charity be¢omes party to the tonlraclual provisions of thè instrumenl. Ftnancial assels and liabililres are offset, with Ihe nel amounts presented in the financial slalemenls. when lhe is a legally enforceable right lo sel olf the reco9nisÈd amounls and there Is an inlenlion lo sellle on a nel basis or lo realise Ihe assel and seltle the liabilily simullaneously. Baslc flnan¢ialassets Basic financial assels. which includè deblors and cash and bank balances, are inil*ally measured al liansaclion price including tiansaclioft costs and ore subseouenlly ¢arried at amortised cosl using thè effective Inteiesl method unless the arraftgemenl constilules a financing transaclion, where Ihe transaction is measured al Ihe presenl value ol Ihe fulure leip¢S discovnled al a markel rate ol inleresl. Financial assels classifd 8S fecelv8ble within one yeai are not amrtlsed.
THE ISLAND COLLECTION CREATIVE ISLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policlgs Icontlnuèdl 8aslc fin8nclalllalJilitl95 Basi¢ financial li8bililTes, includlng credslors and bank to3ns ale Snilially iecogni5ed at transactitsrn priee vnless Ihe 2rrangement conslilules a financing Iran5aclion. where Ihe debt in$liumenl is measu al the presenl value of Ihe future payments discounted al È wn8rket rale of interest. Ftnancial li8bililies classiled bs payable withln onè year are not arnortised. Debt InstrJmenls are subsequently carried at amorfised cosl, using Ihe effeclive interest Tale melhod. Tradfr credilors are obligations to pay lor goods or serrices Ihal have been acquired in Ihe ordinary course of opeialions from suppliers. Amounts pay8ble ale classified as current liabilities il payment is due wilhin on8 year oi lèss. If not, Ihey are presented as non-current liabilitiès. Tradè creditors are fecogrsised initially at transaclion price and subsequently measured at amorlised cost using Ihe eNe¢live interest rnelhod. Oere¢ognlllon of Ilnanclal Ilabllltles Financial lTrabilities a derecognised when Ihe Char51ys conlra¢lual obligatlons explre or are discharged or cancelled. 1.10 Employee benefits The wsl ol any unused holiday entitlement is cognised In Ihe period in whlch the employee's SeICe$ are ceived. Terminatn benefits are recognised immediately as an expense when the Charity is demonslralAy commilied lo lenninale Ihe employment ol Sn employee 01 lo provide teimlnatton benefils. 1.11 Retirement benefits Paymenls lo defined conlrFbvlion retirement benefil s¢heFne3 are charged 8$ an expense as they fall due. Crltl¢al accounllng estlmates andJudgements ID the appli¢aliorh ol lh& Chafbly's accounting policigs, Ihe Tfljstees are qUired to fftake judgements, estimate$ and assvmplions about Ihe Carrying an70unl of 8ssels and liabilities th81 are not readily apparÈnl f¢om other soufces. The eslimales and asswaled assumptions are based on hlstorical eXperIen and other 18Ctors thal are considered lo be relevant. Actual iesulls rn8y differ frotn Ihese eslimales. The eslimalp5 and underlying assumpltrons are reviewed on an ongoiftg basis. Revisions ID accounting estimates are re¢ogni5ed in the period in whith thg gslirnale is ievised whpie Ihe Temsion aff8cls only that peEiod. 01 in the peiiod ol Ihe revtsion and lulure perio(Is iyhere Ihe rev&sion allects both currenl and lJtu peiiods. Incom• from charStable actlvltles UnrÈ8tricted Rèstricted funds funds 2025 2026 Total Unrèstrictèd Réstricted funds funds 2024 2024 Total 2026 2024 Delivering Culluial Siipport perfOman related grants 226,583 80.189 306,772 214.350 20.500 234,850 10-
THE ISLAND COLLECTION CREATIVE ISLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from other tradlng aGtlvltlè$ Unréstricted Unrestricted funds fund$ 2025 2024 Olhef incoffle S,57S 4,770 ExptrTrditure on charllable actlvllles Dèllverlng Cultural Support 2025 Dellverlng Cultural Support 2024 Dlrect costs Slaft cosls Charitable CEP & Material Slaff Tiairiing Spe3ker Fee5 Artistic 819 Museum Communily Engagement Costs Consultancy CalIve Hub Evenls Subscriplions Legal & Pfolession81 129,028 9.495 90,133 34.341 105 1.199 16,611 22,060 45 21,997 5,330 1.095 4,107 4,886 207,821 133,572 Shar8 of support and yovemance costs (see nolo 61 Support Govemance 17,869 7.315 16.665 5,160 233,OD5 155.397 Analysls by fund Unre51ricted funds Reslricied lynds 188,066 44.939 151,290 4.107 233,005 155.397
THE ISLAND COLLECTION CREATIVE ISLAND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs 8lloeatèd to activiti83 202S 2024 Depreciation Insurance Travelling Bank Charges Computei Expenses Wèbsite Expenses orricg Ren181 Advetiising Governanoe cost 2,002 687 626 2.186 3,008 1.799 1.584 2.160 5,870 8,119 134 180 11,538 5.565 25,184 21,825 Analys•d betsveen: Delivering Cultuial Supporl 25,184 21.825 Net movement in fund$ 202$ 2024 The nel movemenl in funds is slated aftei charging/{credilirTg}- Fees payable lor the independent examination ol Ihe charilvs financial statements Deprecialion of owned langibl8 red assets 1,900 2,002 1,440 687 Trust88S Ilone of the Trustees lor any persons connected iyilh them) received any remuneration or benefils from Ihe Chari¢y during Ihe year. Employees The average monlhly number of employees during the year was= 202$ Number 2024 Number Employment ¢osts 2025 2024 Wages and salaries Social security cosls Olhei pension cosls 119.485 6.676 2,867 85.138 3.079 1,916 129,028 9).133 12-
THE ISLAND COLLECTION CREATIVE ISLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Employees {Contlnu6dl Thwe were no ernployees whose annual remuneralion was more Ihan £60,000. 10 Taxation The charity is exempt (rom taxation on its activilies becausè all ils incomè is appli8d for eharil8bl8 purposes. 11 Tanglble fixed assets CoMputéEs Cost Additions 6,546 Ai 31 March 2025 6,546 Depreclatlon and Iinpalrment Al 1 April 2024 Depreciation charged In the yèar 687 2.002 At 31 March 2025 2,689 Carrying amr&unt Al 31 Marth 2025 3,857 Al 31 March 2024 2,611 12 Dèbtors 2025 2024 Amount$ lalllng du wlthin onè yar', ppaYMen18 and accfued in¢ome 765 13 Creditors: amounts falling due within one year 2025 2024 Trade creditors Other ciedilors Accruals and def6rred income 4,222 3,655 7.900 4,300 3.180 9,777 7,480 13-
THE ISLAND COLLECTION CREATIVE ISLAND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 31 MARCH 2025 14 Retirement benefit schemes 2025 2024 Dèfined contrlbutlon s¢hèmo5 Charge lo wofft or loss in fespect ol definéd Contribution schemes 2,867 1.916 The ChErily operatès a dèfinéd contribution penstot7 scheme lor all qualifyrng employees. The assets of the Scheme are held separalely liom those of the Ch3ri1y in an Independently administered fund. 15 Restrlcted funds The reslricled funds of Ihe charity comprise Ihe unexpended bal8nces of donations and granls held on Irusl subject to sw4fic condition3 by donors as to how thèy may be used. At 1 April 2024 Incoming resourcès Re80urce8 At 31 March èxpènd8d 2025 Arts Project Connecliny Libraries Intemalional Exchan9È Crèativé Nèlwork Museum Community Erga9emenl 5,000 40,500 15,71K> 9,000 2,489 12,500 116,3901 14,000) 29.110 11,700 12,4891 122.0601 11.393 1.833 16,393 80.189 144,9391 51,643 Prevlous year: At l April 2023 Incomlng resources Re$our¢e$ At 31 March oxpfrndèd 2024 Arts Mark Projecl Museum Community Engagement 5.01)0 15,500 5.000 11,393 {4.1071 20.500 14.1071 18.393 14
THE ISLAND COLLECTION CREATIVE ISLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Unrestricfgd funds The unreslilclèd funds ol thè charily comprise the unexpended balancès of donations and grants which are nol subjecl lo specific conditions by dollors and grantors as lo how they may bè used. These include desSgnaled funds which h3v8 been sel aside out ol unreslricled lunds by Ihe Iruslees for Spe¢lf purposes. At l April 2024 Incoming Rasovr¢o8 At 31 March resoureÈs expended 2025 Island of Cvllurè General funds 50,000 24,197 50,000 68.289 232,158 1188.0661 74.197 232.158 1188,0661 118,289 Previous year: At l Aprll 2023 Incomlng rèsources Re$our¢es At 31 March expended 2024 Gen6Tal Ivnds 6,367 219.120 1151.2901 74,197 17 Analysls of not assets betweèn funds Unrestricted funds ZO25 Restricted fuFTrds 2025 Total 2025 At 31 March 2025.. Tangible as581s Current a5setsl(liabilitiesl 3,857 114,432 3.857 166.075 51,643 118,289 5t,643 169.932 Vnreslrlcted lunds 2024 Restricted funds 2024 Total 2024 At 31 Mareh 2024: T8ngible assels Curfènt asselsllliabililiesl 2,611 71.586 2,611 87,979 16,393 74,197 16,393 90,590 18 Related party transacuons There were no disdosable related parfy transaclions during the year12024- none). 15-