Company registration number.. CE023519 Charity registration number.. 1191417 The Isles of Scilly Museum Association (A Charitable Incorporated Organisationl Financial Statements for the Year Ended 31 December 2022
The Isles of Scilly Museum Association Contents Reference and Administrative Details Trustees, Report 2to5 Independent Examiner's Report Statement of Financial Activities Balan Sheet Notes to the Financial Statements 9t020
The Isles of Scilly Museum Association Reference and Administrative Details Trustees Ann Tudor Dr Robert Andrew Lambert Marthe Broadhurst less Vian Llsbet Jackmèn Joesph Payne Dr Vickie Heaney Dr Katharine &wyer t4chard McQrthy Anne Hall Charity Registration Number 1191417 Compatiy Registration NumberCE023519 Registered Office Porthmellon Enterprise Centre Porthmellon st Marys Isles of Scil TR21 OJY Independent Examiner Crane & Johnston C&J Ltd Chartered Certified Accountants 30132 Trebarwith Crescent Newquay Cornwall TR7 IDX Page I
The Isles of Scilly Museum Association Trustees, Report The trustees, present the annual report together with the financial statements of the charity for the year ended 31 December 2022. This year, the trustees have decided to Use the accrua15 basis of accounting as this provides an accurate reporting framework now thèt the Association'5 activitie5 have become more complex. The 2022 accounts are presented on this ba515 and the 2021 comparative figures have been restated on the accruals basis to properly acknowledge comparable financial information. Objertives and activities Objects andaims The objects of the CIO are.. (l) to advance the education of the public in the history, archaeology, and natural science of the Isles of Scilly and12) promote the study and understanding of the island's heritage by the provision and maintenance of a Museum to serve as an educational and cultural resource for the local community and the general public. Publicbenefit The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trusvs aims and objectives and in planning future activities and projetts.he trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Achievements and performance This was another very productive year for the Museum, even wlth the situation that we still find ourselves in. In July of 2022 we were granted planning permission for the new Museum and Cultural Centre in the Town Hall, which was a significant step forward. There have been regular meetings of the Project Board, where the Council of the Isles of Scilly have been working alongside the Museum Association wlth the help of various consultants,. several applications have been Submitted to funding bodies, and although we have not been successful in all of them, we remain positive we will be able to obtain the funds required. The Museum on the Move has gone from strength to stngth, with Ali50n Clough tsking a leading role in organising volunteer5 and running the shop. Kate Hale has continued to do excellent work as curatorlmanager, ably assisted by Sarah Garratt and volunteers. In November 2022 we employed Rachael Utting as Collections OffIr and she has made a fantastic start cataloguing and assessing our collection. A huge amount of work is being done behind the scenes to ensure the successful resolution to the issue of a new home for the Museum, and the Chair Jess Vian would like to take this opportunity to say thank you to her fellow Trustees, the staff and volunteers of the Museum, and Members and Officers of the Council of the Isles of Sci1Sy, all of whom are working very hard together. Page 2
The Isles of Scilly Museum Association Trustees, Report Financial review During the year, the charity continued to deliver its setvice5. Total income increased from £83,358 to £129,215 largely due to the increase In activities and grant funding. Totsl expenditure increased from £73,208 to £127,904, mainly due to increased grant funded projects. Overall, the net resulted in a deficit for the year of £11,637 compared to a surplus of £20,715 in the previous year, after unrealised gainsllosses on the Investments. Total funds reduTrd to £291,122 from £302,760. A full breakdown can be seen in note 18. Policy on reserves The reseNes of the Isles of Scilly Museum Association be divided into restricted fvnds, designated ftjnds and unrestricted funds (free reserves). Restricted funds: Murley Maclaren award Donated by a former resident, the Murley Maclaren award is restricted to the purpose of funding projects up to the value of £100, for selected applintS, under the age of 20, who wish to pursue an interest or project in keeping with the education aims of the Association. The trustees have decided to increase the award to £200. The total amount held in the award fund at 31 Dec 2022 is £5,000. Designated funds: Donations for new museum As agreed with the Council of the Isles of Scilly las part of the package involving compensation for being unable to occupy our leased premises), the Association has agreed to designate all donation5 received Sin the closure of the building for the new museum project. The total of these donations at 31 Dec 2022 is £30,367. Current projects The trustee5 are committed to a number of inltiatlves to be delivered in 2023 with an anticipated cost of £41,525. Therefore we have totsl designated funds of £71,892 (2021 £12,752). Unrestricted funds (Free reserves): Alderton bequest The Alderton bequest of £172,QOD is viewed by the trustees as a long-term investment to provide an ongoing source of income for the Association. The totsl value of these assets (currently held with M&G Investments) at 31 Dec 2022 is £175,000. Free reserves The trustees of the Isles of Scilly Museum Association CIO consider it prudent to maintaln free reserves equivalent to total operating costs for one year. The totsl operating costs budgeted for 2023 are £61,300. The total free re5erve5 at 31 Dec 2022 were £34,593. Page 3
The Isles of Scilly Museum Association Trustees, Report structurei governance and management Nature ofgoveming document The Trustees subject to the Charities Act 2011 and the Constitution are responsible for the management of and the exercise of all power5 pertaining to the Charity. The accounts comply with current Statutory requirements and the charity's governing documents. Recruitment andappoAntment of trustees The members or the charity trijstees may at any time decide to apFJoint a new charity trustee, whether in place of a charity trustee who has retired or been removed, or as an additional charity trustee, provided that the limit of 12 charity trustees would not as a result be exceeded. A person so appointed shall tIre at the conclusion of the next AGM after the date of his or her appointment and may then be re-appointed in accordance with the usual procedure and for the avoidance of doubt the time that such person has already served shall not, unless otherwise specifically agreed by the charity trustees, be taken into account in determining the length Df such person's subsequent term of ofFice. statement of trustees, responsibilities The trustees are responsible for preparing the truste, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Apted Accounting Practice) and applicable law and regulations. Charity law requires the trustees to prepare financial statements for each financial year. Under charity law the trustees must not approve the financial statements Unle they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incorning resources and application of resources, including its income and expenditure, of the charity for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and apply thern conslstentlyi obserye the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards, comprising FRS 102 have been followed, Subject to any material departures disclosed and explained in the financiol statements,. and prepare the ffinancial statements on the going conrn basis unles5 it 15 inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial Position of the charity and enable them to ensure that the financial statement5 comply with the Charities Act 2011. 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. The trustees are responsible for the maintenance and integrity of the corporate and financial inforrllation included on the charitable corllpany's website. Legislation governing the preparation and dissemination of financial statements may differ frorn legislation in other jurisdictions. Page 4
The Isles of Scilly Museum Association Trustees, Report The annual report was approved by the trustees of the charity on .i.p.l.'Ilx3.. and slgned on its behalf by.. Ann Tudor Trustee Page 5
Th8 Isles of Seilly Museum Association Independent Examiiier's Report to the trustees of The Isles of Scilly Museum Assoclatlon ('the Charity,) I report to the charlty trustees on my examlnauon of the accounts of the Ch3rlty for the year ended 3L December 2022. R&sponsibllitle5 and basis ol repoit A5 the charlly's truste& of Ihe cliarlty you are respoiisible for Ilie preparatlon of the accounb In accordance with the requlrements of the Charities Act 2011 Clhe 201L Act?. I r8porl In respect of my examinatlon of your charity'8 arroiinttfj as carrled out under section 145 of tlie Charltles Act 2011 Clhe 2011 Act?. In carryTng out my eXamInaOn I have followed the Olrectlons gfven by the Charlty Commlsslon under sectlon 145{5){b) of Ihc 2011 ACL Independent examiner's statement I have cornpleted my examlnallon. I conflmi th61 no matters hive come to my altentlon In connecilon wlth the examination glvlng me cause to believe-. l. accountlng records were not kept In respect of 'lhe Isles of Scllly MuseIll Assoclallon as requlred by 5ectlon 130 of the 2011 Art,. or 2. the accoLJnts do noL hccord with th0 records., or 3. the accounts do not cowply with the éccovnmng requlrements concerr)ing the form and content of actoynts set out In the Charltles IAccounts and Fieports) RegulBllons 2008 other thJn any requlrement that the accounts glve a 'lrue and falr vlew whkh is not a matter consldered as part of an Independent examlnallon. I have no concerns and have mine acr055 no other niatters In connecllon witli the examination to whlch attenuon should be drawn in Ilils report In orde1. to enable a proper understanding ol the accounts to be reached. Crane & Johnston Chartered Certllied Accountants 30132 Trebarw51h CreSnt Newquay Cornwall TR7 IDX 23 October 2023 Page 6
The Isles of Scilly Museum Association Statement of Financial Activities for the Year Ended 31 December 2022 (Including Statement of Total Recognised Gains and Losses) Totsl 2022 Total 2021 Unrestrirted Restrirted Note Income and Endowments from: Donations and legacies other trading activities Investment income other income 19,615 7,779 7,521 68,572 88,187 7,779 7,521 56,211 2,749 7,209 Total income 129 215 Expenditure on: Raising funds Charitable activities (2,430) 56,902 {2,430) 125 474 (2,539) Total expenditure 127 904 Net Sncome Transfers between funds 1,311 (372) 1,311 10,L50 372 Other recognised gains and losses other gains/losse5 12,948 Net movement in funds (12,009) 372 IIL,637) 20,7L5 Reconciliation of funds Total funds brought fonvard 298 131 302 759 282 045 Total funds carried forward 18 286 122 291122 302 760 All of the charity's actwities derive from continuing operations during the above tsvo periods. The notes on pages 9 to 20 form an integral part of these finanaal statements. Page 7
The Isles of Scllly Museum Association (Registration number: CE023519) Balance Sheet as at 31 December 2022 2022 2021 Flxed assets Tangible assets Investments 12 13 7,22B 172 410 11,870 185 358 197 228 Curr¢nt assets st(Kks Debtors Cash at bank and in hand 14 15 16 8,0(K) 56,064 6,000 20,165 117,421 106,225 693 Creditors: Amounts falllng due within one year 17 Net current assets 105 532 Net assets 291122 302 760 Fund5 of the ch•rity: Restrirted income fund5 Restncted funds 5,000 4,628 Unrestricted income funds Unrestrirted funds 298 132 Totsl fvnd5 18 291122 302 760 The finanual statements on pages 7 to 20 were approved by the trust, and authorised for issue on .i.rA.1..14.AA and signed on their behalf by.. v&•r Ann Tulor Trustee Marthe Broadhurst Trustee The notes on pages 9 to 20 fom Bn integral part of these fin8nckg1 statements. dge8
The Isles of Scilly Museum Association Notes to the Financial Statements for the Year Ended 31 December 2022 I Charity status The charity is a charitable incorporated organisation registered In England and Wales The address of its registered office is.. Porthmellon Enterprise Centre Porthmellon st Marys Isles of Scilly TR21 OJY 2 Accounting policies Summary of significant attounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless othenwise stated. Statement of compliance The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP IFRS 1021). Basis of preparation The Isles of Scilly Museum Association meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated In the relevant accounting policy notes. Going concern The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. Exemption from preparing a cash flow statement The charity opted to early adopt Bulletin I published on 2 February 2016 and have therefore not Included a cash flow statement in these financial statements. Income and endowments All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income re1vable can be measured reliably. Page 9
The Isles of Scilly Museum Association Notes to the Financial Statements for the Year Ended 31 December 2022 Donations andlegacies Donations are recognised when the charity has been notified in writing Of both the amount and settlement date. In the event that a donation is subjert to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those condition5 are fully fflet, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Legacy g1 are recognised on a case by case basis following the grant of probate when the dministratorlexecutor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subjert to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been trallsferd to the charity. Grants receivable Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a Ilability and included on the balance sheet as deferred income to be released. Investment income All income is recognised On the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured lIablY. Expenditure All expenditure is rec(&nlsed once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the Use of resources, with central staff costs allocated on the basis of time spent, and depreciation Charg allocated on the portion of the asseV5 Use. Other support costs are allocated based on the spread of staff costs. Raising funds These are costs incurred in attracting voluntary Income, the management of investments and those incurred in trading activities that raise funds. Charltable athwties Charitable expenditllre comprises those costs incurred by the charity in the delivery of it5 acbvities and services for its beneficiarie5. It includes both costs that can be allocated directly to such acbvities and those costs of an IndiCt nature necessary to support them. Page 10
The Isles of Scilly Museum Association Notes to the Financial Statements for the Year Ended 31 December 2022 Governance costs These include the costs attributable to the charity's cornpliance with constitutional and 5tstutory requirements, including independent examination, strategic management and trustees meetings and reimbursed expenses. Taxation The charity 15 considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 nd therefore it meets the definition of a charity for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 P3rt 11 of the Corporation Tax Act 2010 or Sertion 256 of the Taxation of Chargeable Gains Art 1992, to the extent that such income or gains are applied exclusively to charitsble purposes. Tangible fixed assets Individual fixed assets costing £1,000.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estlmated residual value, over their expected useful economic life as follows.. Asset class Office Equipment Furniture & Fittings Depreciation method and rate 3 year straight line 5 year straight line Fixed asset investments Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference beiween sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Ststement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement In market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end, stock stock is valued at the lower of c05t and estimated selling price le5S Costs to complete and *ll, after due regard for obsolete and slow moving stocks. Cost is deterrnined using the first-in, first-out {FIFO). Page 11
The Isles of Scilly Museum Association Notes to the Financial Statements for the Year Ended 31 December 2022 Trade debtors Trade debtors are amounts due from customers for merchandise sold or serVIS performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collert all amounts due according to the original terms of the re]vable5. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objertives of the charity. Designated funds are unrestrirted funds set aside for specific purposes at the discretion of the trustees. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. 3 Income from donations and legacies Unrestricted funds General RestrlLted funds Total 2022 Total 2021 Donations and legacies- Donations from individuals Legacies Gift 3id reclaimed Grants, including capitsl grants; Grants 15,433 2,000 2,182 15,433 2,000 2,182 12,753 Page 12
The Isles of Scilly Museum Association Notes to the Financial Statements for the Year Ended 31 December 2022 4 Income from other trading activities Unrestricted funds General Total funds Total 2021 Trading income; Sales of goods and servlces 5 Investment income Unrestricted funds General Total 2022 Total 2021 other income frorll fixed asset investments 7,209 6 Other income Unrestricted funds General Total 2022 Total 2021 Compensation for loss of income other income 24,628 24,628 16,801 388 7 Expenditure on raising funds a) Costs of trading activities Unrestricted funds General Total 2022 Total 2021 Note Costs of goods sold 2,539 Page 13
The Isles of Scilly Museum Association Notes to the Financial Statements for the Year Ended 31 December 2022 8 Expendlture on charitable activities Unrestrirted funds General Restricted funds Total 2022 Totsl 2021 Note PrDject costs DepreCIaOn Volunteer expenses Rent and rates Light, heat and power Insurance Repairs and maintenance Telephone and fax Office expenses Courier services Trade subscriptions Sundry expenses Travel and subsistence Advertising Legal and profelOnal fees Bank charges staff costs Governance costs 68,572 68,572 4,642 116 1,081 17,592 4,644 307 4,642 116 1,081 1,088 363 2,324 363 2,324 262 2,319 1,859 353 2,747 40 82 317 1,859 353 2,747 1,788 521 1,764 91 237 144 82 317 674 608 674 28 608 6,164 6,164 11,945 34,832 700 34,832 700 27,242 693 125 474 In addition to the expenditure analysed above, there are also governan costs. of £700 (2021 £693) which relate directly to charitable acbvities. See note 9 for further detsils. Page 14
The Isles of Scilly Museum Association Notes to the Financial Statements for the Year Ended 31 December 2022 9 Analysis of governance and support costs Governance costs Unrestrirted funds General Total 2022 Total 2021 Independent examiner fees Examination of the financial statements 700 700 693 700 700 693 IOTrustees remuneration and expenses During the year the charity made the following transactions with trustees,. Anne Hall £1,770 (2021.. £Nil) of expenses were reimbursed to Anne Hall during the year. Marthe Broadhurst £78012021.. £Nil) of expenses were reimbursed to Marthe Broadhurst during the year. Richard Mccarthv £64312021.. £Nil) of expenses were reimbursed to Richard Mccarthy during the year. Dr Vickie Heanev £1,243 (2021.. £Nil) of expenses were reimbursed to Dr Vlckie Heaney during the year. Of the payment of expenses to trustees a totsl of £4,132 relates to expenses incurred on research trips for the new museum project and was fully funded from grant funding. The remaining £304 relates to travel costs to attend meetings. No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. No trustees have received any other benefits fmm the charity during the year. li staff costs The aggregate payroll costs were as follows.. 2022 2021 staff costs during the year were: Wages and salaries The monthly average number of persons employed by the charity dLJring the year expressed as full time equivalents was as follows.. Page 15
The Isles of Scilly Museum Association Notes to the Financial Statements for the Year Ended 31 December 2022 2022 No 2021 Administration No employee received emoluments of more than £60,000 during the year. 12Tangible fixed assets Furniture and equipment Total Cost At l January 2022 At 31 December 2022 11,870 Depreciation Charge for the year At 31 December 2022 4,642 Net book value At 31 December 2022 At 31 December 2021 13 Fixed asset investments 2022 2021 Other investments 172 410 185 358 Page 16
The Isles of Scilly Museum Association Notes to the Financial Statements for the Year Ended 31 December 2022 other investments Listed investments Totsl Cost or Valuation At l January 2022 172 410 172,410 At 31 December 2022 172 410 172 410 Net book value At 31 December 2022 172 410 172,410 At 31 December 2021 172,410 172 410 14 Stock 2022 2021 Stocks 15 Debtors 2022 2021 Trade debtors 55,458 606 20,165 Prepayments 16Cash and cash equivalents 2022 2021 Cash ot bank 17 Creditors: amounts falllng due within one year 2022 2021 Accruals 693 Page 17
The Isles of Scilly Museum Association Notes to the Financial Statements for the Year Ended 31 December 2022 18 Funds Balance Balance ati other at31 January Incoming Resources recognised December 2022 resources expended Transfersgains/{losses) 2022 Unrestricted funds General 285,379 60,643 (59,332) (59,5121 {12,948) 214,230 Designated Total unrestricted funds 298 131 372 286 122 Restricted funds Murley Maclaren Award Museum on the Move Local Enterprise Partnership Community Renewal Fund AIM Pilgrim s Trust ACE (Grand Ball) Architectural Heritage Fund 5,228 (228) 5,000 (600) 600 4,114 (4,114) 26,407 2,787 24,662 (26,407) {2,787) (24,662) 10 602 Total Restrirted funds 68572 372 Total funds 302 759 129 215 127 904 291122 Page 18
The Isles of Scilly Museum Association Notes to the Financial Statements for the Year Ended 31 December 2022 Restricted funds: Murley Maclaren award Donated by a former resident, the Murley Maclaren award is restricted to the purpose of funding projetts up to the value of £100, for selected applicants, under the age of 20, who wish to pursue an interest or project in keeping with the education airns of the Association. The trustees have decided to increase the award to £200. The total amount held in the award fund at 31 Dec 2022 is £5,000. Local Enterprise Partnership The Isles of Scilly Council, through thelr Local Enterprise Partnership Funding, provided funds for the Museum to build operational capacity in preparation for the new Museum and Cultural Centre project. Community Renewal Fund The Islands Partnership, through their Community Renew31 Fund allocation, provided funding to support the Museum Association In updating and improving its collertions documentstion prosSes. AIM Pilgrim's Trust The AssDclatlon of Independent Museums Pilgrim s Trust grant provided funding for a collections care audit. ACE (Grand Ball) The Arts Council England provided funds for the Museum Association, working collaboratively wlth Creative Scilly, to create and deliver a community play for Scilty, engaging diverse interest groups and using the museurn and its collections to inspire 3 lebration of the Bishop Rock Lighthouse and its place in local history. As part of this project the funds were used to develop and reach a wide audience along with a legacy of high-quality assets. Architectural Heritage Fund The Architectural Heritage Fund provided fundlng to support the Museum AssociatlDn in a number of areas.. public consultation, fundraising, skills and capacity building for Museum Trustees and employees, together with developing options for an appropriate governan model for the new Museum and cultural hub. Designated funds: Donations for new museum As agreed with the Council of the Isles of Scilly (as part of the package involving compensation for being unable to occupy our leased premises), the Association has agreed to designate all donations reiVed since the closure of the building for the new museum project. The totsl of these donations at 31 Dec 2022 is £30,367. Current projects The trustees are committed to a number of initiatives to be delivered in 2023 with an anticipated cost of £41,525. Therefore we have total designated funds of £71,892 {2021 £12,752). Unrestrirted funds (Free reserves) Alderton bequest The Alderton beqUt of £172,000 is viewed by the trustees as a long-term investment to provide an ongoing source of income for the Association. The total value of these assets (currently held with M&G Investments) at 31 Dec 2022 is £175,000. Page 19
The Isles of Scilly Museum Association Notes to the Financial Statements for the Year Ended 31 December 2022 Free reserves The trustees of the Isles of Scilly Museum Association CIO consider it prudent to maintain free reserve5 equivalent to total operating costs for one year. The total operating costs budgeted for 2023 are £61,300. The total free reserves at 31 Dec 2022 were £34,593. 19 Analysis of net assets between funds Total funds at31 December 2022 Unrestrirted funds General Restrirted funds Tangible fixed assets Fixed asset investments 7,228 172,410 112,422 7,228 172,410 117,422 Current assets Current liabilities 5,000 Total net assets 286 123 291123 20Control The ultimate controlling party is the Trustees of the charitable incorFJorated organisation. Page 20