Annual Report and Accounts for year ended 31st March 2023 Bishop's Stortford Museum and Arts CIO trading as South Mill Arts Contents Of the financial statements for the year ended 31st March 2023 3 Reference and Administrative Details 4 - 32 Report of the Trustees 33- 35 Report of the Independent Auditors 36 Statement of Financial Activities 37 Balance Sheet 38 Cash Flow Statement 39 Notes to the Cash Flow Statement 40- 48 Notes to the Financial Statements 49 - 50 Detailed Statement of Financial Activities *A Trustees Deirdre Glasgow Steve Connors Graham Pettit Patrick Brennan Angela Dias (resigned 29" April 20231 Valina Bowman-Burns Michelle Bri nklow (appointed l°'March 20231 El iza beth Ph i I l i PS lappointed ISI March 20231 Yvonne Estop (appointed l&t March 20231 Teresa Di Falco (appointed 24" May 20231 Gina Thomas lappointed 24. May 20231 Charity Secretary Catriona Dodsworth (appointed 7th September 2022) Principal Address 1- 3 South Road Bishop's Stortford Hertfordshire CM23 3JG Registered Charity Number 1189853 Independent Auditors Johnsons, Chartered Accountants Statutory Auditor 1- 2 Craven Road Ealing London W5 2UA Key Management Operations Director: Museum Curator: Artistic Programmer: Paula Holland Chris Lydamore Sue Scott Davison Iresigned 31"July 20231 Emma Filby (appointed I'september 20231 Blshop'.s Report of the Trustees For the Year ended 31st March 2023 eum and Arts CIO The Trustees are pleased to present their report with the financial statements of Bishop's Stortford Museum and Arts CIO (the "Charity") for the year ended 31$t March 2023. 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 Republic of Ireland (FRS 102) (effective 1st January 2019). Bishop's Stortford Museum and Arts CIO (Charitable Incorporated Organisation), trades as South Mill Arts, hosting the Bishops Stortford Museum? performing and visual arts spaces providing an invaluable community hub for the people of Bishops Stortford and the surrounding area. Statement from Chair and Operations Director If last year's report was celebrating our return after the effects of the pandemic started to recede, this year's report is all about consolidation and future growth. We have had many challenges with issues from ageing infrastructure and energy bills increasing to a six figure sum but this has not deterred us as we continue to grow and develop. We have delivered a packed theatre/ cinema programme, drama, heritage, walks, talks and holiday activities. We have been actively engaging with new partners enabling us to host even more inclusive community focused activities. In spite of a challenging financial environment, we have been able to invest in our museum, carrying out repairs and increasing our storage capacity in anticipation of receiving exciting new archaeological archives over the next few years. The museum is a fantastic heritage resource for the town that has been open since the 1930's. Moving into 2023 we continue to build upon our success as an Arts and Heritage Centre and will celebrate 60 years since we first opened our theatre doors and added this additional venue to the museum site. We will host a South Mill Arts 60th Birthday Celebration event inviting all of the local community. South Mill Arts team includes our fabulous staff. Trustees and volunteers and we extend our sincere gratitude for their continued dedication and support. The commitment of everyone involved has helped to create and continually develop this excellent 'go to place, in Bishop's Stortford. FdT We also thank Bishop's Stortford Town Council, our partner organisations, customers and supporters who play a huge part in the success of South Mill Arts. Deirdre Glasgow Chair Paula Holland Operations Director . Museum * Theatre • Cinema • Maltings Bar Llve Mu¥iL ace min rencl ',Wfiere }IiTrii ca cele6iate tlie IIT Objectives and aims > The charitable objectives of Bishop's Stortford Museum and Arts CIO are; to advance the education for public benefit and to promote the public appreciation of the arts in particular but not exclusively by the provision of a museum, community arts centre, theatre, cinema, art gallery and library. the preservation and maintenance of the collections formerly of the Bishop's Stortford Local History Society and the Cecil Rhodes Memorial Museum. to promote for the benefit of the inhabitants of Bishop's Stortford and the surrounding area the provision of facilities for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disablement, financial hardship or social and economic circumstances or for the public at large in the interests of social welfare and with the object of improving the condition of life of the said inhabitants. The Trustees are determined that the venue operated by Bishop's Stortford Museum and Arts CIO, South Mill Arts, will sit at the heart of the local community and be the focal point of choice for cultural, social, historic and artistic activities in Bishop's Stortford and the surrounding area. The guiding principles for how we will continue to deliver this overriding ambition are encompassed within our values being We are here for our customers We are honest and respectful of others We work as one team We are committed to continuous improvement We are proud to make a posltlve dlfference to our communlty Sign ifica nt activities Last year's report celebrated our return to trading following the Covid-19 pandemic, this year's report concentrates on our return to our full range of activities and growth for the future. Working with a number of new partners, we now deliver an even wider range of events, from heritage walks to live music, drama and school holiday activities for local families as well as hosting an ever- increasing number of local clubs and organisations. Despite the pressures placed upon our finances, caused by our annual energy costs doubling to more than £IOO,000 pa and the inevitable impact of inflation, we have invested in our museum, carried out essential repairs and signed a Memorandum of Understanding with the Town Council that will hopefully secure finance that will help us to undertake overdue repairs to the infrastructure of the South Mill Arts building and develop the services we offer from our site. We are grateful to the Town Council for their support in reaching this stage in negotiations and for their continued support through their annual operational grant. During 2023 we will celebrate 60 years since our auditorium doors opened to audiences and what were to become some of the most iconic music acts of the 20th and early 21st centuries. At the same time, through our investment in our museum storage facilities, we are ready to receive artifacts from the various archaeological digs around the town that will greatly enhance our knowledge and understanding our Town's Roman history. Public benefit The Trustees confirm that they have referred to the guidance on public benefit contained in documents produced by the Charity Commission, when reviewing the aims and objectives of the Charity and planning f uture activities. The public benefit requirements have two aspects: The 'benefit aspect,: To satisfy this aspect: i. A purpose must be beneficial. and ii. Any detriment or harm that results from the purpose (to people, property or the environment) must not outweigh the benefit. It is the opinion of the Trustees that the benefit aspect has been satisfied by the provision of facilities, theatrical performances and free museum exhibitions providing educational, leisure and cultural benefits to the visitors of South Mill Arts without causing any detriment or harm to others. The 'public aspect,: To satisfy this aspect the purpose must: i. Benefit the public in general, or a sufficient section of the public. and ii. Not give rise to more than incidental personal benefit. It is the opinion of the Trustees that the public aspect has been satisfied by the provision of the above services to the general public without discrimination. The Trustees have limited personal transactions with the Charity outside the benefits obtained as members of the Bishop's Stortford general public. Where these do occur they are done at an arm's length basis and therefore the trustees do not consider any individuals to have obtained more than an incidental personal benefit. Social investments The Charity did not undertake any transactions that qualify as social investments in either the current or prior year. Grantmaking The Charity did not provide any grants to institutions or persons in the current or prior year. TAff) What we do for our Community The year covered by this report was the first year we were able to be fully open following the pandemic. Since we re-opened, we have seen a trend whereby audiences buy their tickets much later than they used to. Whilst audiences were understandably slow to regain their confidence in attending crowded events, it was amazing to see so many groups using our auditorium, theatre lounge and conference rooms. A decision was made to re-introduce our printed brochure which was distributed to all households in Bishop's Stortford. Our aim at South Mill Arts is to provide the best services we can for our local community and we have welcomed the opportunity to work with partner organisations in delivering a broad and inclusive range of events and activities. Bishop's Stortford Town Council is our primary sponsor and without their continued support we would not be able to operate. By working in partnership we are able to bring a vast range of cultural activities to the local community. We have developed partnerships working with: Retune A local organisation which inspires young people to improve their mental health through a creative musical outlet. Hummingbird Cancer Support Group Have increased their fortnightly booking to weekly and are now a registered charity offeri ng physical, mental and social support to individuals and their families who receive a cancer diagnosis. Grove Cottage Home of Mencap in Bishop's Stortford providing social and education activities for people of all ages and learning disabilities. South Mill Arts hosts their regular weekly session. Unique Disco Fun monthly event offering an inclusive disco evening for adults with learning/ physical difficulties and d isabilities. Visual Arts Group Recently formed this group of volunteers have joined together to develop the arts offer in Bishops's Stortford The Art Society Bishop's Stortford Formerly BSDFAS, holds monthly meetings with additional study days throughout the year. White Trees A local company who provide specialist care and education for vulnerable young people are also our Sponsor for the Christmas programme Our list of regular hirers or users of our venue is instructive to Illustrate the range and diverslty of the users of our servlces and the extent to whlch the local community benefits from our existence. This financial year we have increased the number of hirers and users: Community Education Blshop's Stortford's Prlde Event * IP ,V,41" Adult Art Classes Blshops's Stortford Performlng Arts Arts Soclety Blshop's Stortford BSMT Senlor Rehearals .'Future Blllnguals Carers in Herts HCC Speed Awareness Compass Fostering Herts & Essex School - technical Grove Cottage workshops Hummlngbird Cancer Support Kumon Educatlon Learnlng Dlsablllty Forum NADFAS Study Days (Flne Arts) Lords Vine Church Whlte Trees Educatlon National Blood Donation Sessions NHS Trust stortford Performers Local buslnesses/Sollcltors/Estate Agents/Care Provlders Water Lane Rehearsals Health Ashtanga Yoga Baby Massage classes / Antenatal classes Bedazzle Bodyworks Bounce Calmer Yoga Kung FU Mini Mantras New Man Yoga Weight Watchers Dance Flexifit Graham School of Dance KDB Dance School Llttle Dance Academy SOSA Stepshak Tappy Toes Zumba Gold * The 2021 Pride event was funded solely by Bishop's Stortford Museum and Arts CIO however the 2022 event was kindly funded by East Hertfordshire District Council. South ill Arts We are also host to 25 National Blood Transfusion Sessions plus an annual Blshop's Stortford Means Buslness Trade Show and the Hertfordshlre Jazz Festival Our bar and lounge area Is used by a large number of regular groups who meet free of charge, including; Art Group Craft Maklng Group French Speaklng Italian Language x 2 Knitters Group Mahjong Mld Week Muslc Retune Spanish Language U3A bridge U3A cribbage U3A scrabble ber 2022 saw our flrst full Chrlstmas programme slnce the pandemlc, and you could see the excitement written on people's faces - and that was just the staffl At the beginning of December, Santa made the first of 63 appearances In hls grotto. Our panto, Jack and the Beanstalk ralsed its curtain for 50 performances receiving a 5 star review from the local Independent. Our Christmas programme also included a Chas n Dave tribute night In the bar, a screenlng of The Nutcracker from the Royal Opera House, carol slnglng and an adult panto performance of Clnderella and her Naughty Buttons. We are so looklng forward to our 2023 panto - Clnderella. Seats have already been snapped up as early as in January when the tickets went on sale only confirming how important our Christmas programme is to the local community. We continue to be grateful to all who support us. We are delighted to have been able to welcome back so many members of our community following the pandemlc. It has been wonderful to see the bulldlng full of people agaln. 13 Ilishop5 Stfj LTU The volunteer support for the museum has continued to grow as operations normalised after the pandemic and their activities can, to a greater or lesser extent, now be felt throughout the museum. We typically have 15 active volunteers at any one time who collectively contribute an estimated 40 hours per week the equivalent of an additional full-time post for the museum or 2,000 hours for the year! Museum TL 5EEDLOIIN&FERTI 5coTCH SEED POTA HAR In 2022/23 we provided a total of 24 days of craft and holiday activities. all of the activities were devised in-house and were i Jointly delivered by staff and volunteers. Our monthly pre-school "Storytime" sessions also continue to enjoy good attendance. The sessions, which comprise a story, colouring-in and a craft activity, are delivered mainly by volunteers in the museum's e. Victorian Room. We also provided a total of 22 talks and guided walks throughout the year and 14 museum guided tours. Following the success of last years externally funded "A Space to Be" project (completed in March 20221, the main project partner, Bishop's Stortford Primary Care Network IPCN), elected to directly fund a further two eight-week blocks of activities for the project during the year. The value of this project was further endorsed when the Museum was nomlnated for, and won, the Hertfordshlre Assoclatlon of Museums 2023 Wellbelng award in recognition of the outstanding success of the projecL 2022 also saw us run "Young Curators" a series of 8 weekly sessions for people aged 14-20 giving an overview of the work of museums and the opportunity for participants to get some hands-on experience of collections care and display creation. Buoyed by the success of the initial pilot, a second series of sessions was delivered in early 2023 and we are now in discussion with East Herts DC to obtain grant funding for a further two years, worth of activities under their UK Shared Prosperity Fund scheme. The ongoing refurbishment of the listed buildings continued with the re-establishment and extension of the French drain along the front and side of the building and essential repairs to the soffit. We were also able to re-purpose the former Education Room to provide us with a fully equipped archaeology store in anticipation of the deposition of excavation archives from local sites and to make desperately needed improvements in our main store to the fine art storage racks. The Artspace also saw increased use this year, hosting four exhibitions: The 2022/3 Chrlstmas Panto exhlbltlon - celebrating 17 years of Christmas fun and f rol ics St. Mlchael's Church bells restoratlon project - detailing the removal of the bells, refurbishment and upgrade of the bell tower facilities and the celebratory re- installation of the bells in the town's oldest and most iconic church Hadham School Anniversary Exhibition - marking 70 years since the opening of this pioneering local school, the exhibition featured photographs, uniforms and artifacts from the museum's collections and loaned for the exhibition by former students. Rlchard Klng 2023 a retrospective look at the work of local artist and photographer, Richard King 2023 was the first in our year-long season of exhibitions to celebrate the 60th anniversary of the opening of the Commonwealth Centre. Members of the museum team were also involved in the East Herts District Council Cultural Strategy Delivery Group, The Hertfordshire Association of Museums, The Hertfordshire Archaeological Network and the newly formed SMA Visual Arts Group. We continue to be grateful to all our volunteers and staff who work so hard to not only catalogue and care for the artifacts in our safekeeping but also to bring our local history to life so that members of our community can better understand our past and see how it has shaped our locality. South Mill Arts 15 Social Value We are very much aware that our work has a positive social impact celebrating our diversity, contributing to social cohesion, reducing social exclusion and isolation whilst contributing to the well-being and education of our community. Liie M,'.Isic AEtSpace Performi It is always difficult to express this contribution in monetary terms but using evidence data from the Department for Digital, Culture, Media and Sport we have calculated that we generate over £lm of social and economic value for our community. Put another way, we generate £3.28 of social and economic value for every £1 of the grant we receive annually from Bishops Stortford Town Council. We continue to be grateful for that financial support from the Council and consider we are showing a very good return for the community we serve. 'Frrdeiw', An active volunteer programme makes a significant contribution to community engagement as well as much needed help and support when putting on events. Without them, those events could not take place. Volunteers All volunteers are invited to two social events during the year, a Summer Tea and Christmas Celebration, to thank them for their continued support. The Charity actively seeks the assistance of volunteers in the following two capacities: l) Museum volunteers: Volunteering at the Bishop's Stortford Museum is a great way to experience a variety of opportunities and to learn something new every day. M useum volunteers are involved within the following activities: i. Cataloguing and archiving objects in the museum collection; and ii. Assisting in research for museum projects. and iii. Helping with children's workshops. During the current and prior years, the Charity received support from approximately 15 regular volunteers. The number of hours contributed by volunteers is varied and is subject to movement based on the availability of such volunteers in the year. No reliable full-time equivalent value has been able to be calculated by the Charity in respect of a monetary valuation that the Charity benefits from the services donated by volunteers in the year. 2) Performance ushers: The Charity is always keen to hear from people who would like tojoin our dedicated team of ushers, for whom full training is provided. During the year the Charity received support from approximately 34 people who provided ushering services to the Charity. Ushers are used for cinematic and theatrical shows, promotional events and private hire bookings. The number of hours provided by such ushers is typically estimated to be the course of an event and one hour before and after the event. Our volunteers have given us 3,512 hours during the reporting year for which we are very grateful. Without our volunteers, we could not do the work we do for the community. 17 Fundraising activities Bishop's Stortford Town Council Service Level Agreement: Bishop's Stortford Museum and Arts CIO inherited a Service Level Agreement with Bishop's Stortford Town Council (that was agreed on 30th September 2019) at the point of accepting the assets, liabilities and operations from Rhodes Birthplace Trust. During the year Bishop's Stortford Museum and Arts CIO raised unrestricted funds of £255,000 through the Service Level Agreement with Bishop's Stortford Town Council which is due for review by 31 March 2024. The conditions of the agreement include: Promote Bishop's Stortford Museum and Arts CIO to the community and have an annual footfall exceeding 120,000. and Establish an annual force exceeding 35 volunteers representing Bishop's Stortford communities to support Bishop's Stortford Museum and Arts CIO; and iii. Co-operate in providing the necessary infrastructure in support of community groups and events by providing an annual number of outreach activities and events exceeding 20. and iv. Provide opportunities and activities for a minimum of 12 different schools in the community: and v. To monitor and increase social media, website access, and marketing initiatives that will raise the profile and awareness of the Charity. and vi. Operate financial management in a prudent fashion to ensure sustainability and in particular maintain an adequate level of reserves as recommended by the Charity Commission" and vii. Maintain accredited status of the museum and monitor its levels of collections care annually; and viii. Ensure free entry to the museum; and ix. Ensure free car parking facilities within the capabilities of the venue for all patrons. 18 Bar and Catering Activities Bishop's Stortford Museum and Arts CIO provides a cafe and bar facility alongside the provision of hire facilities, promotion of the museum, and the provision of theatrical and artistic events. The facilities are open to the public and compliment the facilities made available for schools and other groups, which rely on the transportation provided by parents and others. Bar and catering income in the period amounted to £177,924 (2022: £117,911) compared with the direct expenditure amounting to £88,005 {2022: £53.182). The net direct contribution to the Charity's reserves from the bar and cateringfacilities amounted to £89,919 (2022: £64,729) which is welcomed by Trustees. Bar and catering expenditure also includes a portion of the support costs included within support costs as detailed within the notes to the financial statements. These are subsequently included in the charitable activities expenditure in order to reflect the nature of the provision of bar and catering facilities within the venue. Investment performance: During the year the Charity received unrestricted investment income of £8,755 (2022: 835). 19 Key Performance Indicators When considering the Charity's performance across the financial period the Trustees use the following performance measures in their assessment. During the year, we have improved the way we collect this information which accounts for an understatement of performance in past years. Our Service Level Agreement with Bishops Stortford Town Council is due for review after the year end and we expect that we may well agree some new Performance Indicators that will appear in next years report. 2022 2023 Footfall at the Charity's principal address in the year Number of performances in the year (including panto) Number of cinema screenings 76 held in the year Total theatre / cinema attendees in the year Number of Museum visitors 127,328 154,548 128 147 51 11,312 38,131 3,403 8,345 Number of Museum events (including Santa's Grotto) Average ticket price (excluding £19.50 f ree events) Number of followers Facebook Instagram Twitter TikTok 386 480 £14.66 4,749 Ireach 33,0601 5,331 (reach 293,1441 1,757 (reach 11,5621 1,904 (reach 53,7921 2,692 1 N/A reach 9,9391 2,682 1 183 reach 57,5131 Strategic approach for the coming year The Trustees are pleased to report good progress on a number of the strategic activities started last year. Further progress has been seen since year end on those areas we were not able to address in the reporting year. 20 Strategic Activity Progress Comment l. A full revlew ol the Constitutlon and the governance assoclated wlth It. Our Governance document was revlewed durlng the reportlng year alongslde a new Flnanclal Risk Controls Policy. Both were approved by Trustees in May 2023 2. The establishment of our Committees and Target Aotion Groups to support the management team and the Board in their work. The year saw the Committees for Governance Risk & Su¥tainabilityi Facilities and Finance working well on behalf ofthe Board. The Target Actlon Groups for Servlces and stakeholders were also establlshed durlng the reportlng year 3. The appointment of a new Charity Secretary. We were delighted to appoint Catriona Dodsworth in September 2022 4. Reviewing our Arti$ti¢ Poli¢y to en$ure it is reflectlng the ambltlons of the Charlty to appeal to the full dlverslty of our local populatlon. We ore undertaking a Strategi¢ review for the charlty startlng September 2023. A revlew of the Artlstlc Pollcy should be part ofthls work 5. To build up the numbers of visitors to South Mill Arts to pre-pandemic levels and rnore Visitors number for the year 154,548 - ahead of pre-pandemic levels 6. Ensure we have the appropriate facilities to house and prote¢t the artifa¢t$ in our Care and those we are due to recelve from archaeological sltes In our area. We have invested significant funds in our fine art and archaeological Storage facilities housed in our bulldln& 7. Undertake a redeslgn and redlsplay of our publlc Museum exhlbltlons to even more effectively tell the story of the development of Bishop's Stortford. The creatlon of new storage facllltles now means we are well placed to progress our redisplay plans. Work is in hand to improve the lighting in the Museum and a plan is in place to ¢ommen¢e the re-disploy work 8. Raise funds to address critical works that need to be undertaken to the infrastructure of our venue to ensure Its sustalnablllty In the medlum term A Memorandurn of Understanding has been agreed with Stortford Town Coun¢il to roi$e £2.97m. The Agreement Involves the sale of our f reehold slte to the Town Councll In return for a long lease of 125 years belng granted to the Trustees. It is hoped this transaction will be completed in early 2024. 9. We will also review our pricing structures to ensure that our income generation is maximised where possible but alway$ being mindful of our charitable objectives and responslbilitles to be as Incluslve as posslble Our pricing structure has been reviewed on several occasions during the year in response to the impact of unusually high inflation afferting staff, utilities and other supply costs taklng Into account the competitlve marketplace. 10. We will develop Reserves, Liquidity and Investment PoliGie$ for approval by the Trustees. A new Reserves, Liquidity and Investment Policy was approved by Trustees on 7th September 2022 21 The Trustees are happy with the progress that has been made in revising our governance and processes - all of which gives the CIO a good basis from which to review its strategy in the coming months. In September 2023 the Trustees will commence this strategic review to determine our priorities for the next five years or so. We look forward to detailing these priorities in our next report. Financial Review Financial Position The tangible fixed assets had a net book value of £3,865,260. (2022: £3,889,105) This is due to the level of freehold and improvements to property with net book values of £3,703,297 (2022: £3,703,297). No depreciation has been provided on freehold property or improvements to the property as it is the Charity's policy to maintain its property to a high standard through a continual programme of refurbishment and maintenance. In the opinion of the Trustees, the residual values are such that any depreciation charge would be immaterial. Heritage assets are not included in the balance sheet as explained in the notes to the financial statements. The balance sheet position shows net current assets of £418,035 {2022: £414,452). The cash held at the bank and in hand amounted to £525,240 (2022: £507,509). Debtors at year end stood at £65,193 (2022: £61,680). Creditors due within one year at year end stood at £179,238 (2022: £162,893). At year end the Charity had unrestricted funds totalling £4,185,344 {2022: £4,205,622) and restricted funds totalling £96,279 (2022: £97,935) as detailed further in the notes to the financial statements. The total funds of Bishop's Stortford Museum and Arts CIO stands at £4,283.295 (2022: £4,303,557). The total net deficit for the year stood at £20.262 (2022: surplus £4,303,557 reflecting the incoming transfer of assets from the predecessor Charity of £4,349,260 on 1st August 2022). Since the transfer of assets from the predecessor Charity took place on 1st August 2022 the figures for the prior financial year represent eight months operational trading income and costs. Care should therefore be taken in drawing direct comparisons between current and prior year trading figures. 22 Principal funding sources The Charity's principal fund ing sources continue to be grants received, bar income, hire income and theatre income, which the Trustees utilise to facilitate the continued operation of the Museum and promote cultural activities including dance, theatre, education, and cinema within the local community. Grants from the Charity's donors are continuing to meet the operating expenses not covered by other income streams. The Charity has previously proven to be remarkably resilient to economic downturns, and Trustees believe that local people continue to prefer utilising local facilities rather than incurring the heavy costs of travelling to London for their cultural entertainment particularly during a period when so many household incomes are under pressure from rising inflation, energy costs and interest rates. The Trustees are very grateful for the continued support of our local community who act as volunteers and attend our events. That support is never taken for granted. The Charity finished the period with a slightly reduced level of reserves, as compared to the value of the assets transferred from the predecessor Charity as a result of necessary capital expenditure and increased trading costs. The Charity has continued its prudent financial and operational management together with the constant monitoring of the financial results by the Trustees and management team. Investment policy and objectives The Trustees take a very cautious view to the investment of surplus funds as these are being retained for furthering the objects of the Constitution. Funds not required for expenditure in the short term are placed on interest earning term accounts with UK banks. The rates of interest obtained on such investments rose during the year as Base rates were increased by the Bank of England. Trustees consider that in the current financial climate, it would not be prudent to expose the Charity to the significantly higher risks that would be required to achieve a higher return from other forms of investment. tford: d Bulldings 24 Reserves policy The total funds held at the period end were £4,283,295 (2022: £4,303,557), of which £96,279 (2022 £97,935) is maintained within restricted funds for the purpose as described in the notes to the financial statements. A substantial proportion of the reserves on the Balance Sheet are represented by the fixed assets totalling £3.865,260 (2022: £3,889,105) of unrestricted funds. This balance includes the building and property improvements which represent £3,703,297 (2022: £3,703,297) of unrestricted funds and which the Trustees recognise as a commitment of the reserves the Charity holds. The level of reserves is regularly monitored by the Trustees and at present Bishop's Stortford Museum and Arts CIO holds a healthy freely available cash balance of £428,961 (2022: £294,706). Due to improved interest rates being on offer across instant access savings accounts the Charity no longer invests in notice savings accounts (2022: £212,803). The cash balance represents approximately five months expenditure cover. The Trustees regularly review the finances, budgets, and cash flows to aid effective stewardship of Bishop's Stortford Museum and Arts CIO. In common with other charities the Trustees have elected to invest substantial sums into the Charity's buildings and facilities. The Charity has a continuing policy of refurbishment, development and investment to maintain excellent facilities for the regular users and visitors of South Mill Arts. The Trustees recognise that the level of reserves fluctuate during periods of investment by the Charity and ensure an adequate liquid reserve is maintained, ideally unrestricted reserves of a minimum three months running costs. The Trustees consider that a level of three months is sufficient given the flexibility provided by the secured grant income made available by the Service Level Agreement with Bishop's Stortford Town Council, which is payable to Bishop's Stortford Museum and Arts CIO on a quarterly basis. The Reserves and Liquidity policies are subject to annual review by the Trustees. 25 Going concern Review of liquidity and reserves: The Charity has reported a cash balance of £525,240 and it is the view of the Trustees that the cash reserves as at the reporting date illustrate the reduced risk of the Charity incurring cash flow concerns in the short-term future. Compliance with grant conditions: The Trustees of the Charity have identified the reliance of the Charity on Bishop's Stortford Town Council for the provision of the annual grant. The Trustees are pleased to report that all of the conditions specified in the current Service Level Agreement have been met. other golng concern conslderatlons: Following a detailed and comprehensive review of the Charity's affairs, the Trustees have no reason, expectation, or intention to cease the Charity's activities over the foreseeable future. Therefore, the Trustees consider it appropriate they continue to prepare the financial statements on a going concern basis. These financial statements do not include any adjustments that would result from the going concern basis of preparation being inappropriate. Funds In deflclt There were no funds in deficit as at the financial reporting date. EVENTS SINCE THE END OF THE PERIOD The Trustees started the strategic review process in September 2023 and look forward to reporting on this in nexL year's Report. Since the end of the financial year the Trustees have begun the process of negotiating the renewal of the Service Level Agreement in 2024. At the time of writing the Trustees are pleased with the progress of these discussions and are confident that the Service Level Agreement will be renewed on similar financial terms to the current Agreement. FUTURE PLANS These are discussed in the strategic approach for the coming year commentary earlier in this report. 26 Structure, Governance and Management Charity constitution Bishop's Stortford Museum and Arts CIO is a registered Charity with the Charity Commission for England and Wales, number 1189853, and is governed by a constitution dated 5th June 2020. Recruitment and Appointment of New Trustees Trustees will cease to hold office if; they are absent without the permission of the Charity Trustees from all meetings held within a period of six months and the Trustees resolve that the absent Trustee's office be vacated, die, in the written opi nion of a registered medical practitioner treating the Trustee has become physically or mentally incapable of acting as a director and may remain so for more than three months or if a Trustee is disqualified f rom acting as a Charity Trustee by virtue of sections 178-180 of the Charities Act 2011 (or any statutory re-enactment or modification of that provision). The Trustees.. There should be not less than three nor more than eleven appointed Trustees, who must all be natural persons over the age of sixteen (a minimum of one Trustee must be over eighteen years of age). If there are less than three Trustees or no Trustee is over eighteen the remaining Trustees may only act to call a meeting of the Charity Trustees or appoint a new Trustee. There must be at least three Trustees present at a meeting of the Trustees to form a quorum, or one third of the total number of current Trustees (whichever is greater). Meetings may be held by suitable electronic means. There is also a provision whereby a vote of no confidence call be called for if Trustee has done something to damage the reputation of the CIO. The vote of no confidence in that Trustee can be held to oblige the Trustee to resign. The vote must be unanimous amongst the Trustees voting on the matter - excluding the Trustee that is the subject of the vote of no confidence. Appointment of Trustees: Trustees must be appointed for a term of four years by a resolution passed at a properly convened meeting of the Charity Trustees. In selecting individuals for appointment as Charity Trustees, the Charity Trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO. Any retiri ng Trustee is eligi ble for reappointment. Terms of office: Trustees must be appointed for a term of four years. Resignatlon and removal of Trustees: A Charity Trustee may retire by notifying the CIO in writing but only if enough Charity Trustees will remain in office when the notice of resignation takes effect to form a quorum for meetings. Remuneratlon and Expenses: All Trustees give their time freely and no Trustee remuneration was paid in the current and prior year, as disclosed in the notes to the financial statements. Details of Trustees, 27 expenses and related party transactions are also disclosed within the notes to the financial statements. Trustee attendance at meetlngs Trustees had 24 formal board or committee meetings throughout the year as well as a number of informal meetings with each other and / or Senior Managers. How many meetlngs durlng the year Percentage attendance Board or Commlttee Full Board Governance Risk & Sustainability Committee IOO/o Facilities Committee loo% Finance Committee Stskeholders Target Action Group Services Target Action Group 65% Totals 24 88% The Board is fortunate to have been able to recruit a number of new Trustees during the reporting year and since the year end. It is hoped that the increased number of Trustees will be able to share the workload of the board and committees as well as giving the senior management team more support and advice when needed. Since the year end, it has also been agreed to trial the merger of the Stakeholders and Services Target Action Groups as there is significant overlap in their discussion and will red uce the number of meetings that need to be attended by Trustees and the management team. Organisational structure The Trustees are responsible for the overall management and control of Bishop's Stortford Museum and Arts CIO and meet on a quarterly basis for regular meetings in addition to any atypical meetings required to further the progress of the Charity in its objectives. The strategic direction and governance of the Charity are considered to be the key responsibilities of the Trustees, with individual Trustees assisting the key management personnel when available. The Operations Director, Museum Curator, and the Artistic Programmer are considered by the Trustees to be the key management personnel of the Charity. The key management personnel report to Trustees and are responsible for direction, control, and delegation of the Charity's day to day operations based on their role and function within the Charity. 28 Responsibilities of the key management personnel are detailed below Decision making Inductlon and Tralnlng of new Trustees The Trustees determine the general Induction: policies of the Charity. The day to day All Trustees are required to sign a running of Bishop's Stortford Museum and declaration of acceptance of office as Arts CIO is delegated to the Operations a Trustee at the first meeting of the Director, supported by senior personnel. Trustees following their appointment. Such declarations may set out particular responsibilities to be undertaken by an individual Trustee. The Operations Director monitors and supports all day-to-day activities of Bishop's Stortford Museum and Arts CIO with support of other key management personnel, employees, and volunteers. Amongst the duties of the Operations Director is to draw up the annual financial budget in collaboration with the CIO Finance Committee and the Finance Team of Bishop's Stortford Town Council who supply financial accounting and management services to the CIO in return for a fee. Throughout the financial year, income and expenditure is managed by the Operations Director and monitored by the CIO Finance Committee and the Finance Team of Bishop's Stortford Town Council. Training: The Charity intends to ensure suitably trained and experienced individuals are recruited to be Trustees. The abilityto recruit personnel with the required experience, skills and expertise required by the Charity enables the Trustees to reduce the necessity of additional training required by newly appointed Trustees. The necessity for additional skills and training is reviewed internally on a regular basis bythe Trustees. Depending on the experience of newly appointed Trustees, induction training may be provided if deemed necessary. The level of experience and participation with the Charity sought in the Trustees during the recruitment process reduces the level of induction training normally required. Each new Trustee is allocated the support of an existing Trustee who acts as a link Trustee until the Induction programme is complete. The Museum Curator is responsible for the delivery and presentation of the museum exhibitions and shows, as well as the maintenance of the collections held by the Charity on show and in storage. The performance of the Museum Curator's responsibilities and the museum exhibitions are monitored and reviewed by the Operations Director and the Trustees. The Artistic Programmer is responsible for the production and delivery of all theatrical performances by the Charity, as well as the letting of the rooms used for theatrical purposes to third parties. The performance of the Artistic Programmer's responsi bilities, as well as the i ndividual theatrical performances themselves, are monitored and reviewed by the Operations Director and the Trustees. 29 Key management remuneration Wider network The key management personnel of the The Trustees may at any time co-opt Charity are deemed to be those listed individuals to provide advice. Such co- in the Reference and Administrative opted individuals may attend and take Details page, as they are those charged part in meetings of the Trustees and with the authority and responsibility for shall not be eligible to vote. They may planning, directing, and controlling the be excluded from any part of a meeting activities on a day-to-day basis by the by resolution of the Trustees. The Trustees. Trustees may terminate their co-option at any time. Pay and remuneration of the key management staff are determined by the employment or other contractual agreements made following approval of the Trustees. Details of remuneration paid to the key management personnel of the Charity are detailed in the notes to the financial statements. sp Related parties Bishop's Stortford Museum and Arts CIO operates with continued support of Bishop's Stortford Town Council, including the Service Level Agreement provided by the council which provides a significant proportion of the Charity's incoming resources. The Charity may also have regular transactions with Bishop's Stortford Town Council by virtue of its operations taking place within Bishop's Stortford. Further details of transactions with related parties in the current financial year are detailed in the notes to the financial statements. From time to time the Trustees may have routine transactions with the Charity but derive no benefit from having Trustee status. There are no connected charities. Rlsk management The Trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The main risks to the Charity identified by the Trustees relate to its reliance on the grant received from Bishop's Storfford Town Council and the level of fund reserves amounting to £3,703,297 (2022: £3,703,297) secured within the building and property improvements. Whilst the Service Level Agreement funding offer remains conditional, the Trustees are confident that the conditions can be met. The Trustees therefore deem the likelihood of the Service Level Agreement being withdrawn without notice sufficient prior to renewal to be a medium level of risk, and that the availability of freely available reserves to be suitably addressed in the 'Reserves policy" earlier in this report sufficient to manage the risk. The renewal of the Service Level Agreement has been discussed in the Events Since the End of the Period section of this report. As stated, the Trustees are confident that the Service Level Agreement will be renewed on similar financial terms to the current Agreement. 31 Statement of Trustees, Responsibilities The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the Trustees are required to select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charity SORP; make Judgements and estlmates that are reasonable and prudent; state whether appllcable accountlng standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is Inapproprlate to presume that the charlty wlll contlnue In buslness. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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. Approved by order of the board of Trustees on 22nd November 2023 and signed on its behalf by: Deirdre Glasgow- Chair and Trustee 32 REPORT OFTIIE IhDEPEliDENf AIIDITORS TO THE TRIISTEES OF RTSHOP'S STORTFORn Ml"SEI"M.4ND ART.5 CTO OpinioD W¢ hav¢ audi￿ lh¢ finan¢ial siai¢Tn¢nL% ofRIsliop'5 sioriford Mus¢uni and Arts CIO Ilh¢'¢haril%'l for lh¢ i¢ar¢nd¢d 31 MarLh 2023 whiLli ¢ompris¢ a¢¢ouniing poli¢i¢s.'l-h¢ fiii8n¢ial r¢ty)rlinO frwh¢ivork- Ihai has b¢¢n appli¢d irt Ih¢ir pr¢paraiion is applic4bl¢ law and Unii¢d Kirtgdom A¢Louniirtg Standards (United kingdom Geiierall). Accepted Accountiiig Praclicel. In ouropinion Ih¢ firtan¢i￿ s¢ai¢mtnts give a true and fair view of the SLate of Ilie charitv's affairs as al 31 Marcli 2023 and of ils incomillg resources ￿ld applicalioll of resources. for tlie year then ertded. hav¢ biiii pwpirli p￿TarL￿ In a¢¢ordaiicL iyilh Unil¥d Kingdotn QTiiILr*ll!. AiiLplLd AIL¢)unlirtg Pra¢iiw.- and hale been prepared In accordantt witli the requireiiients of tlie Charities Act 2011 Basis for opiTrio condueied audit in 2¢¢ordgn¢t wilh InLernatiortJ giandards on Auditirtg Illkl IIS.4s IUKII and appli¢abl¢ laiv Ilur resrK)rtsibililies und¢r those btained 1% sutricieiit 2nd appropriate til pr(Jvide g b&41£ fthr thur opinii)n Conclusivns relatI￿g to goin¥ Co￿(er In auditing the fin3ncial.%tateiiients. ￿e I￿ve C(Jncluded that the trustees, ust of tlie going c(Jncem b&sis ofaccounting In the p￿parat1(jn of tlie financi l&sedi)tt the i4'(JrL-we have perf(Jrmed. ￿'e have ni)t identified atty Materi￿ llnttrtaitttie% relatino tvents orii)rtditiongthaL indillidual1!inrCI)I[eeLivel￿. niayca51 sigiiificanldoubl oli the charikv'sabilih. loo)ntiiiue as a going￿nce[￿ [0[a￿[lOd0faI lea51 hTrelve mondis fvomwhell the fil1￿1ClaI statellieiils are auththriqed for Ollr re5wnsibilities aNd the resrM)nsibilities of the trllstees ￿.1117 respect to going concern are descrited in the relevant sections ofthis report Other iDfornJgtio Th¢ IruS1i¢5 ary r¢swnsiblL for lh¢ oihir jnfonn#iion Th¢ Olh¢r lnform￿l0rt Compri￿5 the informaiion jnLluJ¢d in lh¢ Artrtual r¥w)rt, Olhur than lh¢ Our opinion on the fill￿7(1a1 statements does not cover Ilie olhei Infoimalioii and, except lo the exleiil olhetW15e explicill). 51aled in oiir report, ￿'e do noteypress anv form of assuraNce conclusion tI￿re0￿ In connection ￿1th oiir D%idtrtd tapahlt nf dttettimg irrigularitits. iTheludiThg fraud Te Ideiitifv and &4se.%s the risks of Inater1￿ iiiisqtateinent nf the financial statementt ￿thether due LO fralld thr error. and tlieii desi￿ and perfthrin audit proicdurc5 to thos¢ r15kb. InLluding ublaining audit cvidcnLc Iliat 15 5uificiLnt und approprialc lo proiidc a b&%is foi our opinivn. [de￿lif1LmtivTh #Trd 155e551nt￿¢ ofpDleTrti#l ri5k¥ potential risks relaied lo irregularities and ill Identifving and assessing r15ks of material In15Statelliellt In respect of Irregularities. Including fraud artd nthn41)Itip113nt¢ ￿1th la￿.5 2nd reglllatinn%. ￿t conducted. nquifius of martag¢m¢ni. in¢luding obiairting and r¢Tri¢wing 5UPPOrting do¢um¢nLqiion. LonL¢tning th¢ thariti's mai¢rial poli¢i¢s and proL£dur¢s relatiiig to Identifi'ing. evgrtis¢d ai lh¢ Ir2nsa¢tiort price urtltss ihe atrang¢m¢ni ¢onsiitui¢s a finan¢ing trartsa¢tion wh¢r¢ Deht Ingtmments are guiKequentli' me&£ured at Amorti%ed eo.£t. Oih¢r firtan¢i#l in51rumenis ar¢ iniliallv r¢¢ognised ai fair v#lu¢. unless pa￿1￿¢￿¢ for an ass¢1 is d¢f¢tr¢d b¢!onJ normal bvsin¢SS I¢Tms or amark-eirate ()f inieresi for a Similard¢bi irtsirumeni. Fingn¢ial &ssets Ihaiar¢ me&sur¢d ai L¥siofa1horiis¢d wsi ar¢ revi¢w¢d forobj¢¢iiv¢ of tlie fillanci￿ a4set tlLqt exceeds what tlie carrvliig would have been had the iiiipairment not pre1.10￿￿11, been recognised. Critieal aeeollllting tstimates and judgemtDts cart>ing ,INI 113.462 331.229 8,378 392 56.1 331.229 Bar and catering activities Central ad￿lI71straIIOn 4,262 149,122 153.3¥4 247.441 777.40 93(Tr.792 SLPPORT COSTS Goiern8nce m￿lagement rinance Other costs Tothls 4.262 4.262 C¢mt[￿ adminisiTaiiort 4U.¥41 40.841 22.550 8).041 4.952 22.550 li3.3R4 AUDITORS, REMIINERATIOPI 2023 2022 Fees payable to the charitys audi1015 foi the audit ot-the charitys tinancial statements 5,775 4.923 This page (k)es not form part of ihe stamtorv fi￿nCIal ststemellts P￿ge 43 BISHOP'S STORTFORD MI.'SEI'M.4ND ARTS CIO DET.￿lLED ST..ITEP+lENT OF FIN.4NCI.AL ACTII'ITIES oR'rHTr. I Tr.AR Tr.NnTr.l) 31 M4RCH 2023 io. TRIISTEES, REPwll'liER,tTIOli AND BEliEFITS There iTrere iio Iri]51ees' reniuiieration orodierbenefils fordie }'ear ended 31 March 2023 llor for the vearended 31 March 2022. TRLSTEES, EXPENSES Tli¢￿ NTrcrc no Ituslcc5' C¥PCllSC5 paid tor Ihc vcarcndcd 31 March 202i nor for Ili¢ I'car cndcd 31 Marcli 2022. ST.4FF cosrs 2023 2022 Wagcs and 5alanes 81)Ci￿ %ecuriN c()qtg 322.631 26.534 2ffl.948 9.59¢) 7.294 217.832 360.192 The averaoe monthlv llumberofemploNees during Ilie year ￿3S 35 follo￿5." 2023 2V22 Miisfutn ArL￿ pantDinin Bar and caTrring No ¢mploye¢s r¢¢¢ived ¢molum¢nis irt ¢x¢¢ss of£60.000 InLlud¢d ￿l¢hin the wag¢s and sthari¢s, di￿10$¢￿ abtsTr< 9¢ subeonira¢ior ¢0s1s of£i,9.43 12W2. £3.1141. Th¢ Fi-n5ion Trus1 S¢hvTni A5 of ihe ternis aid coiiditions of permanent emplovineiil. the charits offers retirement benefits The charitN Participates in a defiiied ¢oniribulion s¢h¢m¢ ts￿rated b!,-l-h¢ P¢nsions Irusi. The costto the cliarity for die financial >earwas £6.026 As at the rermirting date the unpgid contributions included within other creditors was Local CJov¢mm¢nt Pension S¢h¢me Ii_CJPSI Tlie ¢hJiitv operdle5 adefined benefit scheine 0￿rated bi'the Londoii Pen510n Fund Aullioiih., tor one retired inemberot 51atr. TIIis 15 a tnulti-emploNer 5clierne dnd Il Is not Possible or appropiiale lo consislenlli Idenlih the liabilitie5 oftlie LGPS which are aftributdble to the charitv as required b! FRS 102 Section 28'Etllplovee Beiiefits. Bisliop'5 Slortford Museiiin and Arts CIO therefore accouiils for diis scheme &s if it ￿'t￿e a defined cDntribution scI￿nie in accordance with parngrapli I l of section 28 ofthe FRS 102. Diiringtlie}'eardie amnunt paid in relation to thesclienie by thecharitv was £1.26712022-. nil) As atthe reportingdatedie unpaid contributions irt¥lud¢d wiihirt oth¢r ¢¢ditors w&8 £1.851 C-OMPARATII'ES FOR THE 4TATEMENT OF FI￿ A￿LIAL ACTII'ITIES Unrestricted Totsl fuiid fuiids fuiids t)0n￿lon5 and l¢gaLies 4J7￿.¥25 4,476.76V C.haritAble 9ftiiities Museum Provision 2,560 PanlvtniTnL prodiiclion L)Ih¢r artlsli¢ ¢v¢nts lentr￿ adminiqtratiort 196.537 1.750 IV6.537 1.75 Inv¢bltncnl InLorn¢ 8.R5 835 4.920.272 This page (k)es not form part of ihe stamtorv fi￿nCIal ststemellts 97.935 5.018.207 P￿ge 44 BISHOP'S STORTFORD MI.'SEI'M.4ND ARTS CIO DET.￿lLED ST..ITEP+lENT OF FIN.4NCI.AL ACTII'ITIES oR'rHTr. I Tr.AR Tr.NnTr.l) 31 M4RCH 2023 li COMPARATII'ES FOR THE ST.4TEP+qENT OF FlliAliCV.4L.4crii'iTVES-continlled Unr¢Slri¢*d nd 'rothl funds EXPETr4DITURE ON ChA Tltable actiiitie5 32.501 52.025 108.037 231.602 7,071 228.305 Mu.%eum Prnvi41i1 52.&25 108.037 231.602 7.071 228.i05 Pantoiiiime pmducti(Jn Ccniral admiiiisiralio ther 1.207 714.650 1.2h7 714.650 Total NET INCOME 4205,622 97.935 4J03,557 TOTAL FUND8 C.ARRIED FORII'ARD 420£.622 97.93 4.303.557 13. T.4NGIRI.F: blX&:D ASSTr.'13 Itnprovements Fixtures and Cotnwiter ¢quipm¢ni pri)p¢rty TO1￿5 C.OST At l April 2022 Additions 3.703.297 5_661 3.927.149 16,996 3.944.145 16,996 2.35.1¥7 Al.41 Mar¢h 2023 3.7V3.297 5.661 DEPRECI.4TION Al l April 2022 Char¥i forvLar Al 31 Mar¢h 2023 36,435 3S.975 1.6C 38,044 40.841 I,Sfrf 3,475 75.410 78.¥¥5 NET BOOK I'ALUE Al 31 Marili 2023 i.703,297 159.777 2.186 -R.S65,260 At 31 Marcli 2022 3.703.297 4.0£2 3.889.105 Heritage Asse15 are not reported ill the balance 51ieet because the inarkel valiie cannot be ascertained diie to their iiature The colleclioIi comprises of pliotograplis. edinographv. art. SOCI￿ liistorv ob1ects. costumes. documeiits. etc relating to Cecil Rliodes wid late 19tli century 8olltli¢rn Afri¢aortli¢ histor% of Ilishop's 8tor¢ford 2nd suttouttding ar¢as Most nf the existing collectiott.% ￿'tre taktrt Dver ivhen the CIO succeeded RhDde8 Birthplace Tr￿81 IILself formed the merger of RhDde8 Museum and Bishop's Slorttoid Lo¢al H151or)' Museutn in 20021. Al an!. poiiil in tiine a￿ul I￿/￿01-the told items are on public d15plav. The m I.￿ tsi Inspire and educate audiences and promote the liistorv of the lo￿ll. The care polic￿ considers storage. displa),. and conservation of This page (k)es not form part of ihe stamtorv fi￿nCIal ststemellts P￿ge 45 BISHOP'S STORTFORD MI.'SEI'M.4ND ARTS CIO DET.￿lLED ST..ITEP+lENT OF FIN.4NCI.AL ACTII'ITIES oR'rHTr. I Tr.AR Tr.NnTr.l) 31 M4RCH 2023 DEBTORS.. AP+qOiINTS FALLlliG DIIE II'ITIIIN ONE YEAR 2023 2022 Trade debtors 24.816 5.479 41.092 6.628 7,796 6.164 VAT PrLpaymcnu% uLcTucd incLTrni 34.898 61.O¥D CREDITORS.. AMOIINTS F.4LLIliG DIIE II'ITHIN OYE YEAR 2023 2n22 Trade creditors 46.072 15_877 18.704 800 Taxation wid SOCI￿ securits. Olhir cridilors 143.389 162.¥93 i¥i.I LEASING AGREEf*lENTS Minitnum lease pa￿[nentS under non