Charty roglstration numb•r 1193429 IEngland and Y4alé•l FIRST ART ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
FIRST ART LEGAL AND ADMINISTRATIVE INFORMATION Truste• A TraffDrd S Wel$ P Hai9reave8 E 8&irÈtt M Hossen Khokon U Anguish LAmber IAppoinled 27 November 20241 IAppoinled 27 November 2Q241 IAppoinled 27 November 2Q24' S•nlor staff KA GretA%W)od K LeairnLwlh Director PAarkeliw and AJdience Deveknpinenl Managef General M8nager Fkn8nc Manager lfre*lancel H Newlon J Heklre ¢h4rfty nuwnbtr 1193429 Re9b8tfrred offlc• Unrt 55 Foul Se860ns SM)pr4n9 Centr• Mansfield NG18 15U Independ•nl examin•r Rogers Spen¢•r Newst¢a4J House PÈlham Road Notlingham NG51AP Flnan¢• maDa9•m•nl BeehNe Accovrtsnts Main Slreel ngs NevAOn OE73 8BX
FIRST ART CONTENTS P•ge Chairs Report Truslee$' report Inttepend¢nt exomine¢5 report 10 stst•ment ollhinual actIv#5 Bal•nce 5htel 12 Notes to lh¢ financ1 siatémènii
FIRST ART CHAIR'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 Dear Trustees ¥nd Supporters_ As e r¢rfecl on anoihei impactfvl year ai FKS; Art. l am pmud of our ¢1Ve achiewamanis Ihe positiv impact we have made In PT(XTW)ling arts and 1M 8ieas ol Nottingh8mshiE and DeTby5hlrt. where arts Eng8gomeni Is Delovi the nalioDal 8¥eia9e. Our rnissio lo fosier uealmty and cuiiural engage[nll1 has ncver been more viial. and l am wai•ful foi unwavering commrtmml of oui Irijsiees. staff. partntrs dj local pgrtlUP4nt 8nd audien¢¢s. Tbi$ year, we 3v¢ces5fiJhl launched Sèvtrnl new p8rlnenhip5. incbjtyng Active NeIghbOurt0d Projgcl In North Ea1 DeTbyshiTe and the Know Your Nty9hbourhooo piogi8mme vAth ¥8riws P¥rtners In Bo150ver. including Bo150wer Community 3nd Voluntary S8¢lar. Ihèsè placaSed partnerships afe Iha cornerston• its conntcung lo people and places whilst allia¢iing a div•r5e ranye of resource5 nlo Ihe chanty. The FL1 Shebang Feslwal grow$ from str•ngih to 51rengih, attractkng d•T¥• 8udince8 and prowiding in¥¥lwabl• QPPtslunltse8 for artis15. The Ful Shebang is one of M¥nsfld's lagshbp •Mu81 event5 and 1$ ¢uttural absel for the area. Our wortshops In a range of mlrao1nal stn9$ hab r•ath•d ',housands of IndMduil$. emph3s.'sing our rnrNtmcnl and dedicalioTr lo b•ing a¢tlV8 and ¥L51bk tr IDtal cornmun,t. Thii heWs us lo build w¢rking r¢lalion5hips ana be IrKlusive 4nd a¢ce$sible lo 8 wide r¥nw of 0p. The feedback we ve Tec•iv8d uniler$cores Iho F•s1tr4• Ynp8tl ef our 8rt1sbc prggr)mme and the valve ol lh¢ work wa do xross a wide range of agenda$. Fln&rncl81ty. we nav• navrgjlud rh¥ll•nge¥, iuch ll? coit olfving llh wur 1•6ib•nc•. Th• loy¥ty of our m•ln Iwdtr. Ans Council ETrgl•nd. In ldIng Ihe Crafve P•oplè and Pla¢rf progr•mr• UD 10 2029 1$ a vole of Confidence In our fuluit. Thanks 10 the generosity of oui other funder5 hard work ot Qui ie8m. we are sbvAy Iwe861ng oui Incorne nd buldiry cro65-seclor partnership$ 10 •nat4e us lo attrad ddl4)n81 fundlng réstyJic88 Into the Charity, as w• look expand our prograrnme and reach. Looking 4he8d. we aty excrted w Èxpkjre Trew rmers5 and Innovative pr4ects ih81 will lurther ¢nh8nce our repulaikJn 8no impacl. l encournge all 01 you io toniuC charyioning cause. as your sUPPOrt IS Ihe foundallon ol our svcc•s5. Thank you for ytsur ¢on¥nrtmenl lo Fir51 Art and we bx)k fofwO to inspiring m¢vè peeple lo lake p•n and experiencè iThe arts In our orej for yt816 to come. Warrn reg¥ids, A Traflord ChAlr Dale." 10 December 2025
FIRST ART TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 A8 Iruslees of First Art we are pleased lo preseni oui ¥nnu reporf wrfh Ihe finanoal 51al&mn16 of th8 d)arity for the year endin9 31 Maich 2025 whith are also prepareo b tTrÈt the requirements lor a dtre¢t(Ks' report. This report ouNne5 our achi0rnents. financial pe¢laCe. and fultsTe 4Th$. The finAncial stslement5 wlh the Charits Au 2011 Ihe Memornnilum and ArtKles olA$sltion, and the c8rt116o siaitrm•ni ol ReGOrnnded Pr8CtICè 18pplirAL4• lo cthanties preparing Iheif accryjnls In 8ccord&nc• the Financial Reporng Sl8nd8rd DpplicaNe in tre UK Republr of Ireland. FRS 1021 i$sued in October 2019. obCtIV• •nd •¢tlvltl•s Tho purpose ol tho cbarity 18 Ihe ao¥aneem¢nt of ihe arts pubbc benefil In Noll1ngharnshe and Derty$hire prtmadly, and thè Midlands rep. nK)nalty •md MiiÈm•iwalty In the forms of crAlaborative arts, contemporary visual arts, porfomièrté. MSIC, dr¥na. F, cr8ft, mÈ(&a arfs And all other assc¢18W of tht hwhe$i qu8thty and Clibre by- lal encouraging dèv¢k)ping publK pathpatfyin in Ihesè art form6 by the prO8•niaON of ath¥orks. wthshop, ¢omml88ion6. coneerfs. p¢rtornanc•6. eXhIllOnS and f•slivols. Ibl iupporting communty coh•won. w•ii.being and capachy blding comml$$ionlng of coèboiiirvÈ #rt$ projec18 address9 rJsues of plx• comnwnity and 04U41ity and Irndus, and (GI proryKling. supporljng and d&¥ek>wng opportunits88 lor communrties In their h)c41ty8S lo be iniptred ond 8mpoweied 10 produce. shape end delNer eommnty a¢twibes and enleipnses. Tho tsiglon th41 sh•p•i oui •nnwl i•m&$ tho prrmobon aDd Iwl•thg of knOedge an# 4ppretiaUon of the 8rt5 by the Pfo¥l$k)n of facilds foi the edut8tx)n Ind reueation ol the publ1¢ In the fietyJs ol the arts. The ¢h•rity Iso has the general am uf CL¥TliiJ)ullDg lo the qu811ty ol lile ol the peopl¢ of Nortinghirnshire Hnd Derby8hire by expanding IhelT hoiizon8 Ihrough thè kvov15Kffi of excrting. (alervJing ¥thd •Crn$$ib protsss4)nal and rmunty art6 &veni$ 8nd a¢tivilie5. Th¢ ehodty rÈlle$ on 9f8nis and p8rtnership In¢oft% lo cover rts yrating cosi$. Affordability and atce55 to our progr8nwn8 Yd t88éniiÈl 10 ensure we reoch Ihose do rHJl ordinarity engage Th Ihis arts. We endOaVOIIT Io •nGouiagt all wrthin ow communrty lake part • our attwityes 8nd to affend our •vonis and aaivrtlg). Firsl Art bring8 rnor8 inspiring Gumural experlences rtath of owjryono In Ihe area and prowde opportunrts lor l¢ul peoplt lo produce and shap¢ Ihgir pjluid acO¥llfdS and eveni$. The 5trategs ompltyed 10 ¥chio¥e Ihè ch81ity'$ aims and obieclive5 are lo Prejenl a bro&Y range ol art foftns for enioyffnl an¢J tdkrtaiK>D of oui Iwlcommunity, Increase Ihe number ol people who are Inswed aj tsrrwwered lo lake the load In progrnmmirng. prDdudng. Shon9 and delverfng ans athvty. Invep¥t 10 nuFr&er of people Mkiry pen on afls projects. aelNi14èS. and e¥enls. Inctease c¥nur81 capacrty by developvry loc& P6Ok's sk15. knowledge. •nd ConfidrA 10 devSse and develt>p a range of high-qualty euttuial evenls and aclivilits. Fo$ier parfner$hips wrth the puL. pthfale. cOrNnUn and voluniary Geclor lo ue81e sustainab projttcts, networks. and organisatKin$. strenen the cuhural InfraiNudure of the Firsi Art wea by imwowng and dwv•k)pmg c181 assets 10 support Ine Se¢ ¢eb[ale Ihe diveisity of cultures kn ow xKiety tsy wogramrnng wesentahons by. and wlh. 8rtist& of drff•renl cunuial ba¢kgrwnds.
FIRST ART TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Aclvlll¥ •n¢ Achle¥eThvf 1. Commynlty Eng•g•mont and worksho From Ap'll 2Q24 ro March 2025. vJcce55fv1ty hosled OWA 67 cemyvjnry arf W0hOpS. attevrJ8d ty ?ver 3.183 participar&s These workshops Irduded Producer workshops foi people wtr diSabilili&8 81 Poruwo co19. CLqy Cross Get Togelhei crgft workshops fEmily %Yo'ksliops In Fobr Seasons Snopp n9 Cep.Iie. aiming ltr tnb8nce ¢reabve %kills and ltrslÈr communty cofineGhMS to encourage ctrproduction auoss our piogiamme. Our outreach pffort5 InciBased partiwalK•n Irom communi1$ who WOLthY not ordin4ryty engage In the arf5. wth neaity one Ihlid 127.hl of responden15 10 suryeys sletsry Ihls 1$ Ihe fysl trme Ihey Iwve attended an art$ event. Based on Ihe profrles fecewed many 8ttender5 bEnged lo the engagement group as cbssifi•d Iniobgh Audienc8 Agenry. Clrca $7Qh ol affeTrders vmro cla$srfi•d inlo the LI eng8g6m•ni s?yffnts. Notable 8Cliviry Bnd evtnis InchJd8s'. Mn•fl•l¢J Calling we estht4iihed a new cammunty grwp to $upport us to ¢Jov•kp •nd IMpen1 artlsiic programme$ In Mansf. This yearwe h05t•¢J S 3¢ss)n8. AceoBilblllty ind In¢lu•l¥lty have In¥¥sled In occe$4 prov15K)ns 8nd Ihe Access Arnb8ssador oqrammt. working wllh ¢)Isabilrty- organ15aiions andlor experf5 in Iho ar8a of d15abilily and IncluÈion, iuth as the Swjht LO$$ ¢eun¢l. Vve are commiryed lo tAilo on kne partnwsNp worting wittt p•rtn•r$ 10 he us Improve •cces$. Due lo Ihe cosi-014Ning we h4¥¢ kèpt mosi ol our activity lo ensure we ale Ind115ive and engaging people do ordinarily enga9e In Ihe wts. Minl Sh•b4Dg llye-week audi¢nr.e tng•g&menl progr3mmÈ in Four SeJson¥ Shopping Centro feaiufin9 a ol workshop5 and Ihai kjoked 10 build the profik ol Ihe Ful Shebang Festival. 1,234. look part In Ihe $es$ion$ The Worksho werc tar9eied ai farrilies vlilh school4ge children. Lel • Maka Chri8tm•s Together we produced Arwj ¢Jovelopcd another GICali¥o Cbiislma5 PiL)gr8mm? 8lled Lei's Make Christm8$ To9Rlho1 In partnershy wrth Foul SÈason$ Shwping CgThlr¢. The piogramm? attracted over 500 participanl¥. The alb•S Inc0.. Chrisirnas Sloy Comer Festive Art Cluts. Chri51rn8s Ci8ftefnoon T¢•$. and Chrra1rn•5 Popup Sorjol. Thi$ ye)r wg hosled evwls ond 4¢li¥tthes that Jllracted 18.e22 audirKe member&. This Induded T.h• F1 Sh•b8nD'. A'.Ira¢iing ever 8.267 visrt¢rn ihis Iree one41ay ouldOOI fesliyal cofflpris¢s of local. n&lioThal and iThternatronal èn151s across varYJu$ arf forms 10 iaeove' ihe sJeels of mansfie To Cer',re offer alirIeS an¢ pertDTmap.ces foi all a905. Yak•ov¢r progr•mmv Includlng Plrte E¥•Dts A tollaboraiknn lm Poffj•rtd Colege ÉTrd CaplfvJiÈ Ihai featured workshops. pertorThnces afjd Inslallalions frw vawus arti%i$. In ioial 91 participaliDn5 100 pla¢e acros5 ID worksNops. wowkiThy people will diSalES 10 -prOduCe two Vents Inspired by Pirales of the Canbbean 263 audience eM}erS look part In 2 piral• Ih¢rnÈd évènis Ihal halured rNJsic. Iheèlre an¢J cr•ft.
FIRST ART TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 2. Partnoréh Man•flvld RallvAy Prolect Wtr wothed wrth 8uNon Road Primthy School X Yeaf S sludenlsl and the Robin Hood RaIaY P3rtnership to creole a Ni&1 and vinyl covering for 34 Ptrspex panels ai man$fle RaiTrway statson. Ihis comMunty-b&sgd inity¥llve created a permanent art P¢8 SlaMed in the pubh"c undeipa55 and on the plotfom aièats at tho sts1 lo hdp make them feel safer and mole wtkong. Know Your Nelghbourhood Through funding from a Know Your NeIghbourhts proiècl giant we are workmg Wilh Bolsover Communrty Voluntary Servic05 and 8LAST <foodnk Shirebrookl io creatè a ShY¢brook Pop Up Soual Club lo Iransfo V1896 h8H8 green spaces and 4ssei$ In shiretO0 inlo • sooal dub. communit1¢5 to lake Ihe lead In ctrcrea:Ing wekommg pk4ces lor peopk al sk of stit4al i401alion. Actlvo N•lghbouthood Pll We are part ol the Aclhie Ngi9hbouthr¥)d siakeholder youp by North E881 Dwbyshe coUtK. Our role Is to help delN•r 8 £100k piogiamTh u51ng the arts io encouioge people in C Cro88 lo get oul and aDwi In th and Improve walking h•L¥i$. We Crfeate 8 vanad pro9ramffle 01 high-wality, visitk. creative acllvllSes. dov£hiped wth local communittès tsrtd p8rtnerJ. A¢h¥0MnI4 4n¢J •¥•nts Ttit aUdn¢t and paniclp81ier figure lor Ihe year 18 21.785. Th6 was a oreal achie¥¢mnl ¢iv#n th ¢o4t of Iing nsi$ and tho ttonomlc b8ckdrep of Ihe areas In whh we afe worklng In. Our arfislic prograrnme ond commilmeni lo build partnership5 1h local paTlners and cornrnunrfics has en80d us 10 Pos10n oursd¥es as a ¢harty In 8114 d151rkle lo build and susloin cullural prograrM)e6. Thll year i¢¢ruii¢d a ProJ8Ct CooJthnalov 10 8upporf thè delery and oi-woductth ol the artistic progr8mme. Thi8 mle wll enauré Ihe effeclNe runn#YJ of oui cutturwl piojects an¢J plogi8mS in communlll¥ wth strong ernpttesis on eornftwnity PToducing gnd day-;frday ptoie¢i Coprdinalion •nLI delivery. Our Ilaff dese• eredrt 8nd for sJlfid and •nthuM8$tic effort8 to provido J sCesSl cre81iY& proor¥mmè lor our cOmmnit$. Our key financial alm remalns a finonualy ¥U$thinabh chaffty and we r•m•in very gi•1U1 lo our funders and partner6 foi tr)èir £upwn. With1 Wh Ihe charity wouw 95e lo eylsi. We caiiied o¥eT 40 ev8n15 atyj aclivlties, Induding a ¥ery 8uccK$ful F1 Shebang FeslNo1 ond our 8umrner and winl6r programmè In Foul S•asops Shopwg Cenlre. We Co1¢18 over 249 suryeys and 2.051 post code5 lo cometh respondents. view$ on var4)ui spods ol Ihell expedence at Flrsl An evéms. The data showea thai Over iThree guartprs 1771 of iESpondent5 fated Ihpiw overoN expenence as Very Gd. hjrther 19% r*¢d as good. 14% of Ihe audiencé staled Ihal Ihey #Jenify 8% a Didea,. andlor disaNed ptrtson. Atso 14% of audi2nce$ identrfied 85 belng neuredfvergent. This DNIghts and supporfs Ihe need lo continue I511n9 In 8ccess promsion faf our events. The maiDnty191'kl of respondent$ idÈntthed as .le. of which 62Yo were VthilF Bntish 29% as White Olhei. Addilionalty. 2% Idenlifitd a5 )ging to another elhnic group. 2% Idenlrfied as belonging t? a mixed elhnK 9roup whle 5% Idenlffjod as Asian or AEi3n 8tlti6h and Black or BIKk Brthsh. 1h 1% pieferrin9 to seN-describe.
FIRST ART TRUSTEES. REPORT {CONTINUED> FOR THE YEAR ENDED 31 MARCH 2025 Flnanci¥l reviw Income Totsl In¢om• lor the ye•r.' £449.865 tsraThts f275.C Prwate Ir0M01P3rtTrei5hIp £76 618 Inthind InGomÈ £98.143 Other Incontr Paypal E104 Exp•ndbtuF• Total •xp•ndRuT• lor ¢h• yèr. £446.161 sièff costs £158,030 t1$1 progi8nwrt £130.400 Gene181 overheads £23.Q Moiktling f21.735 DIFd sialFcos15 £11. 127 R•ni. raies and £99.863 A$ this wa8 the Chality'$ ye81 Iho maTh focus rt le $1111 eslabty5h ¥ iobu$l f1fi8nckql pojilion lo secure the haiily 5 luluie. The prncipal fundin9 $ourco of Income lo Ihe Chanty R Ihrough Nabonal Lottery funding vl8 Arts Counol's CreaiNe PoFle and PLIGe8 pityJianThi. We rteéwed É750.000 over from years frorn 2D22_2025 Tni$ year w• satuied fundirg for ari exItn$ year of fund9 lor £250 Oix) Irom Arts Councu Enylond lor 202 202S. Also confirmation been received ol • fuflhei one rnI1n Pounds funding fromACE lor 202&2029. ThÈ D¥efall 2024Q5 cOme is £449.865. We h•ve i¢enlifd 8 need to ollocale rryjre icsource$ t0 fun¢Jfaisffjg ID 2024125 and we build on the strong loundalions and p8rtnp.Iships In eèch disinct lo attracl furiher In¥¢$tmenl iDICs Ibé pioqramrne. Desprte lo Ihe Increasing pies5tsre on publK eNpen¢rturts the iN$tees und¢rsia•d th81 the 5upporf from local aLbthoiilies ano partne WIN IDok io increase o¥er the ext three years.
FIRST ART TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Rg•er¥vs poll¢y and concern This policry sets out the framework we have in plact to Confir the level of reserve5 we have delermined 1$ Oppropnole for oui orgènisèiith. and dwaw5 upon gufrlonce such 89 the Ch8rity CornM155>n'S CC19. http5 IlWKw.gow.uklpovernrnt1pUl>1I(.151cha[1I8-an(e$ÈrvegC1s1¢n3frf54n¢kiesCrves This ReseNe Pollcy Is lo ensure thè I1nCilI heatth and Integnty ol the chwty thai 15, First Art. a non-profft èrt$ cliaiily Ilial enables arid equips mDTe peoFAp lo access. eng8ge and shape art5 and activily Nottinghamshi anij DÈrby$hlro. AG 8 rogi51ered chJFrty, we are iequled l(> meet relevjnt leual onij rngulalory requ¥emenis. W& havo 8 duty lo app ch8ril8ble lund8 a reasonable period ol It lor Ihe benefit ol Ihp peOe we serve. Re¥erve5 gre needed to biidge the gap bèm the $pend and recei¥ing of IrMe affid to covor unplann8d expendMur8. The I'sIeeS considgT Ihal Ihe ideal level ol reseN¢s 8$ 31 Mafch 2026 woubj b• £85,932, The purpg¥e of Ihls Operaling R830Tr8 Poll¢y for Flrst kn IS to buil¢ and MalaIn an adèouaiè level ol unresiiic.ad cash ieser¥Ès lo Support the or9onisation's d8y-lo-day opefaimins .n the et ot L'nforeseen shortf8115. Operating reserves ale not Iniended 10 itrplat a permanenl ol knnds oi elimiTh8t8 An ongoing budgel gap. Th¢ p¢liw enoures our work Is preCted from tho nik ol disrupion ai short notice due lo a lèck ol fund8, wh161 at Ihe same Iirne ensunng we do 401 relain Income for lorgèr tnan requiied. The tru5tee$ aim lo maintain flee leseo5 unrestricted funds 81 a vel vknit.h eqijales lo app'oxrnaiely thre• months of unie$trictèd charil8bl8 expendtturt. Tne IfUSl•ès consider Ihal Ihls lèv81 wlll provide sutrAenl lo r9spwd 10 ap806 foi sraDls pnd ensure that 5UPPOrt and governance costs are cove'ed. The Irusiees consider a levèl ef three months Is tufTiOni The oaL2n¢o he 49 IinFeslrKled fuTrJs OTh 33si March 2025 18 £2B.515. Future Plan• Flnan¢l•l St•blllty A major financial CnCern Charity will be oTrgory finaTl SlainalIty gNeD Ihe knwer lovel o15UPPOrt from our funders. Diversifying the Incomè $le•m$ for First M li foi rtS Sustsnabty. AS a chartly. Firnt Art 11 te a slrong empha515 On rai51ng t5 vi8 Tru$t5 and Foutvjaort$. The IDlroduthon of a General Manager in 2022 and Proje Coordinèlor In 2023 wll provide &ldiliwal support to enable more $ouS and capacity for fvndra151ng oclivilie$. Working with loc41 partp)ers lo Invtsi In th• FO9ramTh to 5UPWrt 8CIIwty will also es$enU•l bulk1ing bk)ck for tho next yeor¥ ol tbe programmo. A¥ 4 chaiity we aim lo ree Ihe depe¢ncY of lunding tsom Counol EwlaThJ and k)tsk lo a mixea economy offunijing 10 ensuTe a and ¢cryreh•niiv8 programmè. For the uptomlng y¢4r. w• aim to.. Éxpan(l our wogramme and V81 iFt¥¢5trn•nl by Arts Councl Engn by apptyiny lo the Creallve Peoplg and Places programm lo prowde core funding for Flisi Art 1202&20291. The ain worf¢shtsp offerings to ndude Inew type5 01 wo(k5hops oi awlietKesl In¢fea8e oui rAJ-prod1l0n rde1 by incre8skng oiitrÈa¢h efforts to undeff•pr8Sent groupi a¥ parf of our Conntc¢od Comrnnth$ ana Pkic&based Partnership pvwammes. ¢on¢lu81on We wuuld like to exwe5S OUI 9ratitude to rur rtI(4pants. audiences. fundern and cornrnty partr.&rs for their continued commilnnt lo Firsi Afi. Togelher. we can continue to Inspi and enrich the cumural landscape of North NolliDghamshire and Norfh Derbyshve and create high qualty caltural programres ilh local communilips.
FIRST ART TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 R•f¢rfrn¢• and Administra¥Tr d•t•ds Ch¥rily nuinber 1193429 Registered Office Urbrt 55. Foul Seasons shop9 cen1. NG18 1SU Our advisers IndependBnl Examiners Rogers SpÈrKer NWIle8 Flousè, Peham Road Nolliighèm. NGS 1AP Elafikers UThty Tlusi Bank 4 BfindlÈy Pl•ce. R Ynwngham 81 2JB Finance managwn801 B¢thN&Accouniants Main sireei. gI Newton. DE73 8BX The Irusl¢e$ and oflcerB serwrva during Ihe year and ikn¢e tm yeèr end re as fdbws.. Key man8gemenl porsonnol Fiisi Art.. Truslees Flr$iArt nomlnaled cho'.r A Tr•flord Elected tiusièe8. S W¢lLq l•k*ct•O S Febru8ry 20211 L B•treM (•tted S F•bNpry 20211 P H•rgfeaves lelected S FeIry 20211 M Anguish {8k8cled 27 Nowerrl>er 2024Tr l Khokon i¢1oued 27 No¥ernr 20241 L AMrI610¢1d 27 No¥err4)eF 20241 Key m&nagemènt per8onn•l.. Direclo.. KA Greenwotl General Manag81 H Neon Marketing and Au¢Jienc• Devek•pment Manager Learrnoulh Finance Manager IfreeLqncel J Heklre¢ch
FIRST ART TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Go¥eming Oo¢um•nt Fir$1 Is a Chari1èb InMrporated Organis8lren ICIOI govemed by rt5 Foundation Conslilulion daled S February 2021 111$ rogisleied as a tharty wrth Ihe Chanty Commis5ty)n ano roPOrt6 in aGcoFdance with guidan¢• on pubh bttnefil and ltte Charit5 Ad 2011. Govtmance Admlnl¥ir•oTh Trusi•e atlendance al quarterfy meelhvJ$ rem•ine4 slrong. on aver89• ot fve OLrt ¢1 e¥¢n truslo•s attendlng each rneelin9. BoAftI Dlv•rnity Wo arts corMiitteO lo buildir¥ a board th81 Ihe (mmunhitss we serve. Our recNthnl Pfactic•s plntil8 1Sv8d 0xrIenC•. InrjuSts valws, and a r8fbge of professional backgrounds. Tru8t•• Indueuon ind Tralning New truittt8 und•r90 •rt onenthiion day lo bii•l Ihem on.. Ih•r al obhll•tiMs urJ•r chgrtty law. lh¢ Charlty Cornmi¥¥ion gu4ce on Denelm •nd kiforn them ol Ihe conient of the Goveming ¢trcum•nl and dedslon. rniking pr(Kess¥s. the tSIneSS plan and 1g¢eni financial perlormance of Ihe tharify. Truslees 8re encotsraged to attend 8ppropri8t• •xt•rn tr•iniThJ •venls where thèsé latiliwle the undort8king of Iholr role. Related Pariiel •nd c(0p•tIon wlth Otr Ory•nlutlon• None Df our IIu51e¢s i¢c8iVt reinaneiaiitsn Dr otr bEnefii Irom the wlth the chanty. Any eonnedicn b¢e8n 8 Iru$ietr OT senipr managw ol the chaity vthh a piodudion comp8ny. cOntled aclor, perforrnei or e%hitAlor musl be di6dosed lo the bJll boord of Iruii¢5 in lh• um• way ai 8ny othw conu8Ctual relalknnlhip wrth a rfA•led party. OrganI8a0Th The board of Iru8lees aomlnisiers tho th•rity. Tho tJ8id normety meets quarte. A Dife¢iof 1$ gppointed by 11¢ Iriislpp.4 Ic) manAoA lh• day404AV ol tho chanty. To •ll•¢iiv• OP•f•lj•n¢ Iho Dirottlor h•• delepaled aulhoniy, ierm8 of dÈbgaiion appio¥•d by the tnjstoes. for operation81 mstt¢r$ Ijuding finance. •mployment and 4rt151ic pertomiarrt• ielat•d 8Clivrty. P•y Polky lor S•nlor Suff The Iru51ees consider the board of trusiees ¥nd Ihe senior rrwn•gtmenl leam compri$e Ihe key m8nagomenl personnel of the Cbanty In charge of direding and conirolk"ThJ. wnniDg and op•raiing the charity on a day lo day bas56. AJI Irusiees gNe ollhg11 lin freety and no trustee recerrto renyjneratkbn yew. The pay of the senior slBff is ravie annuaty and normally inuè88ed In JKcordance wlh 8¥eraga •ainings and In Consideration ol increases in cost of Iiviny and Inllalion. kn vthw of the nalure of tharity. Ihe Iru51ee% bentThmartt ag01ns1 pay leYel$ In other prog18mmes ora Sirni $e.
FIRST ART TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 Rl8k Manag•m•nl The tru51ees have a risk managernet reglstef hthich C(ffiSeS an annvBI review of the prinwal nsk5 and UnrtaInl1&S Ihat the chaTity the e5tBblishmerf ol p£thoe8. Sy5'.em• Jnd procédures to w¥iyate Ih¢sè riiks identified In the •nnuo1 review and the Implcmcnlation ol procedure5 designed to Dyr4mise or fflanage any potential irnpact on the Ehaliy should Ihoso risk5 malendLSe. Thi5 %vor has 6011rd that finonrjal susiainabilty 1$ the m•itrffianoal nik fef both the thaTity and its $ubsldL8ry. A Key elemenl in the managèmenl of fln8ncial risk 15 8 regular review of avaiLqble lund$ •nd to Invest In recrurtrnent tp Increa$8 ¢ap#cty and rEtsour¢s la P8rtnershps and apFty lor fvnding. Attention hè$ tseèn focussed on nrTrfinancigl risks aiL%ing from fire. healh and $aftty ol Sialf. and )udIen. These rlsk$ are mpnageé by ensuring acu8drtalK)n 15 w lo d)i¢. having robu•l aftd pmc•dur In 8¢e, and regular awar&ne8$ training lor $t4ff Won9 In these operational areas. Fundf•l•ing Approch Tho charity Is looklng 10 incFeJse Idra1nQ from Trus15 and Foundaiion8, partnernhy woieclo, 6arn8d Income and lo a15c acli¥¢ty bJndr8tse from Ihe pvblc •nd legacry campal9ns. WÈ have developed an Incorn• and Fundiaising 51r¥legy tD SUPPOrt our Irr l•ry¢ts ¥nd piowde a dear framework lo htw we wll nKess¥y level of In¥eiimenl to support the sustaiDab4ty ofthe orgJnistyb¢n. Flv Dirtr rti ltte boBrd ol ITv$iee8 A Traffoid Tru•t•? Dalé 1•.01 2C)?.Q..
FIRST ART INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FIRST ART I report lo on ex8M1n8ti OW lTre fnencièl alemenls of FlrstArt (the Chantyi fty the year ené8d 31 Marth 2D25. Ro•pon•ibllits8• and ba818 ol report report In respecl ol my ex3mination of Ihe Charity'$ finanual siaiements camed (xji under wlion 145 of the Ch8nlie5 Act 2011 In urrying out my examaD I hjve folbwed the DirethK)0s given Dy tha Chanty Commission under sauk)n 145151{bl of the chan1$ACt 2011. lTrd•p•ndent ox•mln•rf• st41•rn•nt Since th¢ Charity's gFr>%S n¢0 exceed8d F.250.000. Ihe ndependent eXaryer musi bts a mèmber of 8 body IlÈi•d In s•dioth 145 of lh¢ Ch•rtlie Act 2011. 1 GonfArn Ih l am qualfied lo und8rt8ke the &x8minain because I am B member ofthe Ins1ilUt¢ of Chart¢r¢duntnIs In Engltynd Jnd whKh i? one ol the11s184 bod1. Your 8ttenllon Is dr8wn to the facl th81 th¢ thwity has wepared Ihe Ilnancigl slatemenls In •0rdance %lth th• Te18vanl version of Ihe Slalemeni of Recommended Practice applc•ble to ¢haniie$ prepaTing Ihgir financlal &18iem8nls In a¢¢OTdancè %Yilh th• Finanual Rfrportiw Slan¢af(l tho UK and Republt of Irend IFRS 1021 In prelefence to the Accounting and Reportlng ty Ch8illie5". si8lement ol Recomftknded Practice Issued on 1 April 2005 which i¥ ieferrBd 10 In the e¥l8ni rogukqinS bul h85 now boon wrthdr8W. l tsndorsiand Ih•l Ihis has been aone In oraer tor fln8ndal slaiémÈnt& to provth a irne and la In acwdance %lm UK Generalty AccepledAccounling Prartce. I hvÈ uJmpI•d my •x•mln•bon. I confTh th•t no mllws h4w• com lo rrry •ttonlon in eDnnKlion th• examinallon gIVIIIg e cause lo beIve Ihal In any rnalerial respect accounliry recfjrds weie rnoi kepl In rÈspett of the Chanty as iequKed by sectson 139 oflh• ChaDliesAci 2011. Iho f1nanclal sialern18 do noi accord wrth Inose rec6 or the fin8nGI81 Al8t¢ment$ do 1 rMP Ihe. pab9 requiiemenis coneefning iThe ftyfm #nd conleni of fin&ncial slal•rnenls sel out In the Charilies IAccounls and Reports) Re9uL81.ons 20D8 1)Iher ihan any requlremeni th81 the fmancial stiÈrrnt$ give * trut and fakT view. thich 1$ nol a matter conskleiad as part of an Independent exart¥nBOon. I have rKI concwns and have come auos$ no othu matte1$ In 0)nnectn I1h tho examinatlon lo which attent sheuld be dr#wn in raport In ¢wdw io enaLl¢ • pFop¢r vndtrrtstsrfflg of lh• staleThnts to be matthtsd. Ll8• Johnston FCA for •nd tyn behaw of Rogers Spencer Neiad Hous• Pelhaffl Road Nolllngham NGS 1AP Dalfro ?2.1011.2VG 10-
FIRST ART STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unr•strf¢ted Restricted lundi fund• 2025 202S Tot•1 Llnrt8lrf¢ied Re91cle fund• funds 2024 2024 Totil 2025 2024 Not•4 In¢ome and •ndowm•nl$ from.. Donaiiops ond legacies In-n¢ income OlhB T Income 351.618 98.143 351.6':fj 96.143 264 525 264,525 11,481 Totsl Sncome 449.865 449.865 276.006 276,006 Exp•ndllur• on.. 446.161 446.161 303.970 J03,970 Totsi •xpvndlture 446 181 446,IUI 303,970 303.97CI N•t Incomo11oxponditure> 3.7D4 3.7Q4 127.9641 127.9841 Tr8n$leF5 be0P lunds 9.107 19.107) 11.759 N•t moY•m•M In lund• .107 15.40)) 3.704 11.7S9 139.7231 127.9641 R•con¢lll•tlon of fund•'. Fund balBnce5 al l Apnl 2024 19.412 5.403 24.815 7.653 45.12S 52,779 Fund b•b•n¢•• at J1 M•fch 2025 28 $19 28S19 19.412 5.403 24.815 Tho siaiemeN ef finèncial actbvrties Indude3 01 gains and losses recognised m lh• yèar. All kncome •nd •xpendilure denve fiom ¢onlinuin9 acttvffie¥.
FIRST ART BALANCE SHEET ASAT31 MARCH 2025 2025 2024 Flxèd iBsets Tangible assets 11 2.128 urr•nt aM•t¥ Deblors Cash at bank 8nd In hand 27.150 15.011 7,352 26,5e5 42.189 33.917 Crndllor¥.' amounts flllng 4thl one y•4r 114.7961 111.2301 N•t ¢urr•nt 1•¥Ot 27,373 22.687 Tot41 a•i•l• l••* curr•nt li•bility' 28.519 24.615 Th• fund6 01 th• Ch•rlty ReslriGleO incorne lunds Unrestri¢t¢d lund5 5.403 19.412 28.519 28,519 24,815 The financkl stalemgnls W¢f• •pwov•O by th• TN8t••8 on A Trafford Truatoe 12-
FIRST ART
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Ac¢ountinp politi•s
Charlty Inlonnatlon
Fif%1 Art Is a charil8b Inc
FIRST ART NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2025 AG¢?untlng polieK% IConUt)uedl 1.6 EXpendre Expendilure is rÈco9nised ortt there Is a legal or consiwttive obligaiitsn to Irantsfer economic bpneffl lo Ihird party tt Is Probab th81 & tr•nsfer of oconomr benefft$ will De re4ued In Strllerrenl. and the amount of Ihe obli9ation Can mFasurEd reliabty. Expènditure 1$ c18$$ffied by activry. The c05t5 of eath adlvlty 8re m8de Up of the tolal of dlrect costs and shpTed c051s, Including suppon cosi8 involved in urKlertaklng eath acthvity. Dirert cost$ attribulablts to a single avilY aTe allocaled direth lo Ihat a¢Dvity. Shared costs %¥hich coTri'ibuie lo more tnan one activity and support $1$ ¥vhKh are r¢1 alIntable Io 8 51nglo ale apportioned tsthiÈen Ihose activities on a ba&ls on5151eni th& uaa ol reJou¢cès. C¢ntral ¥lJft co818 8re 8lkKai8d on lh• b•iis ol Iirr• 8Fenl, and depreciation ch8rges are allocaied on IhÈ pOrtn of IhÈ asJEfs us¢. 1.6 T•nglbl• flx•d •Mel T8nglble fLxed assels 8re Inrt181ty rne8syied •1 ¢O$l and %ubs•qu•nty Thasurod •t 01 vlJalion. nei ol depreciaiion and any Impaiiffffinl kisses. D•prKk4lion 18 recognised so as lo wthe off Ihè eost Of valupl?n o14$wts thetr reilduoi valu•# over their uselul I$ ¢0 th• following tra.. Fixlui¢$ and fittings Conipolers 25.0 Slraighl Ir 33.33% Slrnighl Im The gain or loss aS1ThQ Oh lh¢ d4QoI ol an assel ts dalerniined as the dfflerence bets¥een the sale procétds 4n(J the urryir#J ¥alue ol the assei. and i ree¢gnised In 513terrM ol fiDantial acli¥lls. 1.7 1rnv1•nI of Ilxéd •i•Èts Al each reporting ènd d81¢. tth• chaiity r¥iew6 the carrying 0nIS of rts iangibte o&sels lo determine wh•itter Ihere li any IndK8iion Ihal tnose assets have sulle1 an irnpairyTrent 106s. 11 any indicalion exlsls, tre rocoverabk Jmount ol the auel l• 001ated kn order detem)kne the •xlenl ol the ImpBimienl 1.8 T•x•tbon The organisatson is a iegisiertd Chinty and Is Èxèmpt from tsx8boD. 1.9 Employ99 b•noln6 The co51 of any unuxd hobday enlffjeTrni is recogne In th¢ PU in which the employee'$ NiCe8 Ire rÈeeived. Teminlltion benefrts ore r•cognised immedLqtely as an expensé vlhen the Ch•nty Is dtmonstrabty committ•d lo t8rmiD8le IhE etnployryni of an enwoyee ow lo provKe lerMatn benefils. Cthiul Kcountirby NtirnateB andfvdyements In the ap1110 of the Charity s accouniing polKyets. Ihe Twslee5 are quired to make lud9emenls, estimat?s and assurnpllS #boul the caTrying anI of ass818 and &abilrtle5 Ihal are nol readity apparent frorn olhei sources. The esiittbalE5 and assoaaled assurrylions are based on hISnCal expErience and Other faclor5 that are considered lo be ielevant A¢1 rtsumts m8y differ froTll these eslimales. The 8stirnales and undetying assumpbons 8rt reWed ongoino ba$15. ReviSn$ to accounllng e$tsmates are retogniied in Ihe period In which the e8iirnaie Is iewsed whete the revitsion ¥ffe15 onty Ihol peffioa. or ln Ihe pertod of the reS and luture per$ %Yhere the [PSlO1 affgcts both CUnEnl ang fijlure peiiods. 14-
FIRST ART NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 ncvm¢ frpm donations gnd leycips R¢5trlcted lund8 2025 Restrfcted fund• 2024 Donatn$ and grfls 351.618 264.525 DontloM •nd 91tt• Artts Council Incrme Pnwot• Incornei Pflnersbips 275.000 76.618 237.500 27.025 351618 264.525 In1nd Iorn• R•%trl¢t•¥ tund• 1025 R••trf¢tod funds 2024 Four 8•asons shoppinB ¢•ntr8 Mansfiekj dislrict counc 93.143 s.ooo 98.143 Othèr Incom• Rett¢t0 lund• 2025 R•¥trict•d fund 2024 Income from Lo¢81 athhNrty Incorne from rventbrtle InGornè from Paypal
FIRST ART NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 ¢111¥ble •¢t1¥1• R•8trlct•d R•strfct•d luTrd8 funds 2025 2024 Staff ¢osts Depreclavon •n¢J irnpawrr*nt FreelanlS18ft supporf rA>515 Production costs Traweynioloi ¢osls IT exponse8 Adverb5inglFlark•iing In$uranGe 8onk ¢h•ryes R¢nt. raies and ulibbes Atcouniancy Teléphonè w¥tS Flecrunmoni Cil$l6 Repalrts and rèri•w•lo Sundrles 152.203 1.089 131,340 950 8,038 115.B36 3428 2,090 17,887 1.553 130.400 3.OOb 1.676 23.735 1.706 308 99.863 8.640 1.335 260 2.248 389 430 1.840 437.082 294,064 Sh•re of govem8rKe co318ee Dote 71 9,079 9.gC6 446.161 303.970 Govomance co•ti 202S 2024 Staff costs Indèpendent eyaminabon fees 5.827 7,OD6 9.079 Trustq None of the Tru$iee$ lor arw pew50ns conneded wrth them} received any remunpratyon or benefits from the Ch8rity during the year. 16-
FIRST ART NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Employg•s Th8 averege tfKJnthty number ol emthees during Iho y8ai w•$ 2025 Number 2024 Nurnb•r Employm•nt costs 2026 2024 Wages and salaries Social secunty costs Other pen610n co$11 143.879 9.834 4.317 128.633 7.977 3.736 158,030 13e,346 Rfrmunr•llon ol k•y m•na9em¢ni p•r8onn•l The rernun¢i•lion ol kfry m•nogement yeisLsiin81 Is ai loltVS. A99re9Ote compBnsalH 58.894 Y,211 There w•r no omployeo5 whose aDnual murat)n was mctt th8n £00 JIO. 10 T•x•tlon The th811ty Is exempl Irorn lax8tn cffj fl8 •¢bvrts bguuse #n rt$ 8ppld for Ch•illab purpose8 17_
FIRST ART NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 11 Tnglbl• flx•d a8eta To ¢ost At 1 ApTII 2024 Addrtiot)s 3475 4.084 107 7,559 1¢7 Al 31 March 2025 3.475 7,686 D•prKl•tksn and irnpalrrn•nt Al 1 April 2024 Depreckytion chaiyd in th• y•ar 3.475 1,956 1,Q89 5,431 1,089 Al 31 K48rch 2025 3.475 3,045 e.52Q Carrylng 4mount Al 31 M•rch 2025 1,146 Al 31 March 2024 2.128 2.128 12 D•blorn 202$ 2021 Amounls f¥lllng due one y•r Ir•dè debtOf• Pr•pJywn¢S and ac£rued in¢0m 4.270 22.888 7,352 27.158 7,352 13 CrndRor•'. Imount¥ falllng du• lthln one y•r 202$ 2024 other taxation and sw81 seCr Trade crp.dilor3 Other credllors A¢GruaL8 and d8T•ned Income 3.64$ 7.454 577 3120 3.591 4,393 546 2,7DO 14 796 11.230 14 R•lir•m•nt benefit xhern•* 2025 2024 O•lln•d tontribulion s¢h•m•8 Chargè 10 profft OF105s In r05pect of def ned rnbL1)n 5chem8s 4,317 3,736 18-
FIRST ART NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR niE YEAR ENDED 31 MARCH 2025 14 A•tivem•nt ben•Wtschem•s (Continuodl The Chanty operÈies a defined contribution pens0 5cheff foi all qualitying ernpioyees. Tbe 8s%ts of th 8cheTh are hEkJ separalety Irorn IhD5e ol Charty In an Irdependenlly admini$tefed fund. 15 A•itrlctod lund8 Thè resinaed funds ol the charity cornprisc Iht Upended balanc6s ol donalwJn$ giants hehy on trust Subiecl to speufic conditions by donws as to how they may be used. AllAp In¢omln9 urG•s Resourte• •xp•nd•d Trnnsl•rn At J1 M•r¢h 2025 CPP Programrr ln Kind Intom• Olher Income 5.403 351.618 96.143 1347.9141 1&8.1431 {1041 19,1071 S.403 449.865 1446.1611 19.1071 pr•vloui y••r'. At 1 Apvbl 2023 In¢•mlfi• r•wur¢•• R••ourG •xp•nded Trnn•t•rn Al 31 M•v¢h 2024 CPP Proglemme 45 128 276.t*J6 1303 9701 111 7591 S.403 45.126 276. 303 970 $403 19-
FIRST ART NOTES TO THE FINANCIAL STATEmEPs (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2025 IS RMtrlct•d fund IContinu•dl CPP Programme First Art Is thc Crealbve People Places ICPPI pwwarnrnp for Ashfipkl. Fldsoyer M8n8fjÈkl aTrd North es51 Derbyshirg support•d Ihrough funding from Arts Counc41 EDgland. CPP is a naiional mull111110n-p0Und strÈte9ic programme. workifig In nearty 40 places across England. CPP 15 aboul more people taking the lead in choosing, creating and iaking part in bFilliant art eXPernceS In the pCeS bthere eyenCe 5how5 Ihal people aTe kn66 ipw0ed Iry 8rfs and cullural aClivilS than elsewr? In Fngland. Fir51 Art Is a consortlum IVr&r1Y led by Fir¥t Art ICIO) in partnership wlh cre8W HerilAg0 Trust, JuntaionArt5. A¥¢ partr5 Frusi and 8CVS (g01so¥er To9elherl. Firsl Art will Inspir• mNè people from Ashfield. 8dsovÈr. Mansfiekl and North E851 Derbyshife lo shape ond txpErien greBI art. O¥er tho xt three y?81$ 12022-20251 w& ahn to bn9 mor• In$tifing ¢ullui¥l exp8rience5 ¥thIn reach of everyone in Ihe area an(1 prov opportunit5 for bxal pgpplE to produce 8nd ¥hape theii own cuhural aciwits•$ ¥nd ¢nts. By putting peoF4e fKsl In èveryth9 w¢ do. w¢ look to k¥o¥ido first•aTrJ qualty experiÈws en8t4• p•opkn lo rou9niso the ¥ae olth& ènd tha rd6 lh• art• ¢an play m Ihets Ir4e8. Th15 will be achieved by onINg up nÈw po$slty•be$ Into the 8rt$ #no ensn9 thal quality art expen8nc8B are acce$$ibSe, availab 8nd èlloid8b. Th¢ programm wl¥ niur• tho •rv•i ol Aohfifrld. M•nsfiell. 801sover and NE Derbylhwè hAW a pin•d4JP an# efficpl nefvr of hi9h qualty. accessit4o and Stiff1811n9 cuKuf81 apAivtte5 ond 8ssel•, provhllng • de van¢ty of OppOnun$ oupport hoppy and thY Te5•s, ncw and Into Iha futtjrè. 1n.klnd Incorn• The Four Seaioni Shoppin9 Cenlro prtsvid•i £93 143.31 IRenl £eo,2SO I Service Chargè f.14.656.06 1 BuJme$ Rles- £18.337.251 by providing FiisiArt wth • free shop in lh• Shopping Conva. M8rnsfiÈbJ DIstr Councd provides approximatety ÉS.O(K) in rnatting suFwI lor The F1 Shebang by Inolallino bannern In th• trwn cantre aThl croiw)romoting vi• digtt•l str¢•ni. 16 fund• T unreytritied Thd$ ollh• charty compriw the unexponded bglanc•6 oldM*nI and grants which are nol subjecl lo specbfic eondilions by donot$ and granlofs a$ 10 how Ihey rnay be u58d. These InUtte designoled funds whKh h8¥¥ been sei aside uul of Te$l[lEd funds by Iruslees for spor4fi¢ purposes. At 1 Aprfl 2024 Trnn¥f2rn At 31 M•r¢h 2026 GeneTal funds 19.412 9.107 26.519 Pr#wlou$ ye•r'. Al 1 Aprfl 2023 Tran8fer• At 31 March 2024 General hJnd$ 7.653 11.759 19,412
FIRST ART NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 16 Unr•sth¢tsd funds Iconunuedl The transfer repiesen'.$ the cost recovery ccnlnbulion frorp. TheArt5 Counul. 17 An•ly811 of n•1 •si¢ts b•twn lund¥ Unr•¥trfcted Re¥irfct•d funds 2OZ5 Total 2025 2025 At 31 March 2025.. Tangib a55e15 Current asse151lliablliti&61 1.146 27.373 1.146 27.373 28.519 28.519 Unr••trl¢t•d lundb 2024 R••trlel•d fund¥ 2024 Tot•1 2024 At 31 M•rrh 2024.. Tangible assels Cuirent as88lsiiiiabllie31 2,128 3,275 2.128 22.687 19.412 19412 5,403 24,815 18 R•lit•d p•Th tramictlons There wer? no ditdosat4e i•lal•d paty trthnudions durmg Ihe year. 21