Charity registration number 1187543
LYDNEY HUB
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
LYDNEY HUB
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mrs Emily Timmins - Chair Mr Richard Robbins Mrs Carla Sterry - Treasurer Miss Phoebe Coleman-Wood Charity number 1187543 Principal address Unit 2 & 3 Travel Corner 71 Newerne Street Lydney GL15 5RA Independent examiner Griffiths Marshall 4th Floor Llanthony Warehouse The Docks Gloucester Gloucestershire GL1 2EH
LYDNEY HUB
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Statement of Trustees' responsibilities | 3 |
| Independent examiner's report | 4 - 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 15 |
LYDNEY HUB
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
The trustees present their annual report and financial statements for the year ended 31 January 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charities Act 2011 and "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)".
Structure, governance and management
Lydney Hub is a charitable incorporated organisation (CIO) registered with the Charities Commission on 23 January 2020.
The trustees who served during the year and up to the date of signature of the financial statements were: Mrs Emily Timmins - Chair Mr Richard Robbins Mrs Carla Sterry - Treasurer Miss Phoebe Coleman-Wood
Lydney Hub operates as a C.I.O with 3 active trustees and a working group of 5 regular members who meet every month to discus charity matters and the decision making process, this also includes separate committees for the Youth Hub and the project management of the building.
Public Benefit Statement
To further or benefit the residents of Lydney and the surrounding areas, without distinction of sex, sexual orientation, race or of political, religious or other opinions by associating together the said residents and the local authorities, voluntary and other organisations in a common effort to provide facilities in the interests of social welfare for recreation and leisure time occupation with the objective of improving conditions of life for the residents.
Objectives and activities
The primary goal is to provide a home for Lydney Youth Hub, where the needs of young people are met, somewhere safe and secure, in order to tackle the complex personal and social issues facing young people in our area.
Our Hub building will be a hub of innovation, creativity and positivity that supports the growth of young people and extends this encouragement to the wider community, improving the lives of many.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Although there were limitations due to COVID-19 we were able to hold online youth sessions and then, when restrictions lifted, resume our 'live' sessions which have proved popular with numbers increasing quickly,
Plans for the Future
To continue weekly sessions with a view to adding additional sessions in the future. To continue fundraising to help wit the development of the building. Continue to strengthen connections with local community groups and organisations and provide new and exciting opportunities for the residents of Lydney and the wider areas.
Financial review
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
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LYDNEY HUB
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The Trustees' report was approved by the Board of Trustees.
Mrs Emily Timmins - Chair
Chairman Dated: 14 July 2024
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LYDNEY HUB
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 JANUARY 2023
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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LYDNEY HUB
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LYDNEY HUB
I report on the financial statements of the charity for the year ended 31 January 2023, which are set out on pages 6 to 15.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the financial statements. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
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(i) examine the financial statements under section 145 of the 2011 Act;
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(ii) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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(iii) to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In connection with my examination, no other matter except that referred to in the previous paragraph has come to my attention:
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(a) which gives me reasonable cause to believe that in any material respect the requirements:
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(i) to keep accounting records in accordance with section 130 of the 2011 Act; and
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(ii) to prepare financial statements which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
have not been met or
- (b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Griffiths Marshall 4th Floor Llanthony Warehouse The Docks Gloucester Gloucestershire GL1 2EH
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LYDNEY HUB
INDEPENDENT EXAMINER'S REPORT (CONTINUED) TO THE TRUSTEES OF LYDNEY HUB
Dated: 14 July 2024
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LYDNEY HUB
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2023
| Unrestricted Restricted funds funds 2023 2023 Notes £ £ Income from: Donations and legacies 3 168 - Other trading activities 4 14,500 - Investments 5 9 - Total income 14,677 - Expenditure on: Charitable activities 6 18,495 - Total expenditure 18,495 - Net expenditure and movement in funds (3,818) - Reconciliation of funds: Fund balances at 1 February 2022 34,157 8,936 Fund balances at 31 January 2023 30,339 8,936 |
Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ 168 10,877 - 14,500 12,083 - 9 1 - 14,677 22,961 - 18,495 23,770 - 18,495 23,770 - (3,818) (809) - 43,093 34,966 8,936 39,275 34,157 8,936 |
Total 2022 £ 10,877 12,083 1 22,961 23,770 23,770 (809) 43,902 43,093 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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LYDNEY HUB
BALANCE SHEET
AS AT 31 JANUARY 2023
| Notes Fixed assets Tangible assets 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Net assets excluding pension liability The funds of the charity Restricted income funds 15 Unrestricted funds |
2023 £ 3,625 35,598 39,223 (660) |
£ 712 38,563 39,275 39,275 8,936 30,339 39,275 |
2022 £ - 43,344 43,344 (1,200) |
£ 949 42,144 |
|---|---|---|---|---|
| 43,093 | ||||
| 43,093 | ||||
| 8,936 34,157 |
||||
| 43,093 |
The financial statements were approved by the trustees on 14 July 2024
Mrs Carla Sterry - Treasurer Chairman
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LYDNEY HUB
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
1 Accounting policies
Charity information
Lydney Hub is a charitable incorporated organisation (CIO) registered with the Charities Commission on 23 January 2020. Registered number 1187543.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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LYDNEY HUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.
Support costs are those costs incurred directly in support of expenditure on the objects of the Charity. Governance costs are those incurred in connection with the administration of the the Charity and compliance with constitutional and statutory requirements.
All resources expended are inclusive of VAT.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
25% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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LYDNEY HUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Donations and gifts | 168 | 6,673 |
| Grant income | - | 4,204 |
| 168 | 10,877 |
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LYDNEY HUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023
4 Income from other trading activities
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Rental income | 14,500 | 12,083 | |
| 5 | Income from investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Interest receivable | 9 | 1 | |
| 6 | Expenditure on charitable activities |
| Charitable | Charitable | |
|---|---|---|
| activities | activities | |
| 2023 | 2022 | |
| £ | £ | |
| Direct costs | ||
| Christmas meals | - | 2,275 |
| Computer and stationery costs | 44 | 230 |
| Advertising | 410 | - |
| Other costs | 325 | 676 |
| 779 | 3,181 | |
| Share of support and governance costs (see note 7) | ||
| Support | 15,957 | 19,414 |
| Governance | 1,759 | 1,175 |
| 18,495 | 23,770 | |
| Analysis by fund | ||
| Unrestricted funds | 18,495 | 23,770 |
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LYDNEY HUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023
7 Support costs
| Support costs Governance costs £ £ Depreciation - 237 Rent 14,500 - Rates 509 - Repairs 948 - Audit fees - 780 Legal and professional - 483 Insurance - 259 15,957 1,759 Analysed between Charitable activities 15,957 1,759 |
2023Support costs Governance costs £ £ £ 237 - 316 14,500 14,702 - 509 459 - 948 4,253 - 780 - 600 483 - - 259 - 259 17,716 19,414 1,175 17,716 19,414 1,175 |
2022 £ 316 14,702 459 4,253 600 - 259 |
|---|---|---|
| 20,589 | ||
| 20,589 |
8 Net movement in funds
| Net movement in funds | 2023 | 2022 |
| £ | £ | |
| The net movement in funds is stated after charging/(crediting): | ||
| Fees payable for the independent examination of the charity's financial | ||
| statements | 780 | 600 |
| Depreciation of owned tangible fixed assets | 237 | 316 |
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
10 Employees
There were no employees in the period.
11 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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LYDNEY HUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023
12 Tangible fixed assets
| Cost At 1 February 2022 At 31 January 2023 Depreciation and impairment At 1 February 2022 Depreciation charged in the year At 31 January 2023 Carrying amount At 31 January 2023 At 31 January 2022 13 Debtors Amounts falling due within one year: Trade debtors 14 Creditors: amounts falling due within one year Accruals and deferred income |
Computers £ 1,687 1,687 738 237 975 712 949 2023 2022 £ £ 3,625 - 2023 2022 £ £ 660 1,200 |
Computers £ 1,687 1,687 738 237 975 712 949 2023 2022 £ £ 3,625 - 2023 2022 £ £ 660 1,200 |
|---|---|---|
| 1,687 | ||
| 738 237 |
||
| 975 | ||
| 712 | ||
| 949 | ||
| 2022 £ - |
||
| 2022 £ 1,200 |
15 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| At 1 February | At 31 January |
|
|---|---|---|
| 2022 | 2023 | |
| £ | £ | |
| Thriving Communities Grant | 7,405 | 7,405 |
| FOD Lions | 1,503 | 1,503 |
| Christmas Meals | 28 | 28 |
| 8,936 | 8,936 |
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LYDNEY HUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023
| 15 | Restricted funds | (Continued) | ||
|---|---|---|---|---|
| Previous year: | At | 1 February | At 31 January |
|
| 2021 | 2022 | |||
| £ | £ | |||
| Thriving Communities Grant | 7,405 | 7,405 | ||
| FOD Lions | 1,503 | 1,503 | ||
| Christmas Meals | 28 | 28 | ||
| 8,936 | 8,936 |
16 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 February | Incoming | Resources | At 31 January | |
|---|---|---|---|---|
| 2022 | resources | expended | 2023 | |
| £ | £ | £ | £ | |
| General funds | 34,157 | 14,677 | (18,495) | 30,339 |
| Previous year: | At 1 February | Incoming | Resources | At 31 January |
| 2021 | resources | expended | 2022 | |
| £ | £ | £ | £ | |
| General funds | 34,966 | 22,961 | (23,770) | 34,157 |
| Analysis of net assets between funds | ||||
| Unrestricted | Restricted | Total | ||
| funds | funds | |||
| 2023 | 2023 | 2023 | ||
| £ | £ | £ | ||
| At 31 January 2023: | ||||
| Tangible assets | 712 | - | 712 | |
| Current assets/(liabilities) | 29,627 | 8,936 | 38,563 | |
| 30,339 | 8,936 | 39,275 |
17 Analysis of net assets between funds
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LYDNEY HUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023
| 17 | Analysis of net assets between funds | (Continued) | ||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||
| funds | funds | |||
| 2022 | 2022 | 2022 | ||
| £ | £ | £ | ||
| At 31 January 2022: | ||||
| Tangible assets | 949 | - | 949 | |
| Current assets/(liabilities) | 33,208 | 8,936 | 42,144 | |
| 34,157 | 8,936 | 43,093 |
18 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
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