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2024-03-31-accounts

REGISTERED CHARITY NUMBER: 1193612

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

BLESSED FOUNDATION

BLESSED FOUNDATION

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Page
Report of the Trustees 1 to 6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 to 17

BLESSED FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. 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 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

Page 1

BLESSED FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

OBJECTIVES AND ACTIVITIES Significant activities Fundraising

Blessed Foundation received £225,558 in unrestricted donations, £140,000 in service agreements facilitating networking and knowledge exchange, and supporting the charitable objective of connecting artists with a global network of creatives and promoting art to the general public. The Foundation generated an additional £1,275 from investing a portion of the income into saving accounts bringing the total to £366,833. Expenditure on charitable activities was £133,705 with the total funds carried forward at £296,866.

Programming

In the financial year of 2022-2023, Blessed Foundation embarked on a new direction of programming focused on developing an interdisciplinary dialogue between art and emerging technologies and growing local, London-based audiences.

This funding towards knowledge exchange and networking in the financial year 2023 - 2024 facilitated the Future-proof series of talks and a podcast under the same title and the Seeing the Machine end-of-year event, bringing together artists, designers, and entrepreneurs to network and exchange knowledge about sustainable innovation. In addition, Blessed continued working on the Bedtime Stories project with artist and researcher Maja Smrekar, which led to knowledge exchange between researchers and technologists based in Europe and the UK and the development of research case studies commissioned by Blessed Foundation.

In the financial year 2023 - 2024, Blessed Foundation organised six Future-proof talks inviting a diverse group of speakers, both established and under-represented creatives, with diverse perspectives and experiences. The speakers included Hunaid Nagaria, New Art City, A Vibe Called Tech, Compiler and Fragmentario. All talks were advertised to entrepreneurs, investors, technologists, and a range of creative partners, as well as local schools, universities, and non-profit organisations. They were also advertised via Eventbrite and open to the general audience. To further maximise their public benefit, accessibility, and global reach, Blessed Foundation recorded the talks and published them as podcast episodes on Spotify and Apple Music, also linked to the Foundation's website.

Audience data gathered by the Foundation proved that the Foundation succeeded in creating a new space for interdisciplinary knowledge exchange attracting members of the audience from backgrounds such as Art and Design - 52.1%, a Technology - 16%, as well as Health, Social Psychology, Marketing, and Environment. The age range of Future-proof attendees varied between 18 and 65+ with the biggest percentage in the following groups:

18 - 24: 14.,9%
25 - 34: 44.7%
35 - 44: 22.3%

Topics raised by the series encouraged debate on social issues and socially engaged art practice, including design for neurodivergent people (Hunaid Nagaria), the importance of public storytelling of marginalized experiences (A Vibe Called Tech) and that of a post-colonial revision of culture surrounding the means of production (Fragmentario). The talks also promoted ambitious artworks and the use of new formats (New Art City), such as virtual platforms for digital and immersive arts, addressing the key objectives of the charity.

A selection of speakers, both UK and US-based allowed to connect local audiences with a global network of creatives, and the publication of the episodes as a podcast further amplified the global reach of messaging. The audience of the Future-proof podcast was based in the US (38%), the UK (32%), Slovenia (8%), Mexico (8%), as well as Brazil, Spain, Portugal, and Luxembourg.

Page 2

BLESSED FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

OBJECTIVES AND ACTIVITIES

Seeing the Machine

Seeing the Machine was a networking event showcasing new commissions by leading UK researchers and technologists collective Tekja, alongside performances by musicians and live coders Jim Osman and Agata Genisell, a line-up of established and under-represented creatives. Tekja's piece was a newly developed algorithm breaking down in real time the audience input on the role of AI in the current society. The work, in its innovative format, provided an insight into the workings of artificial intelligence and how it forms its knowledge about humans. The work, while embarking on a socially relevant issue, was commissioned by Blessed to create more awareness of the mechanics of AI, an aspect often less accessible to audiences who do not specialize in this field.

Bedtime Stories

In December 2022, Blessed Foundation embarked on the Bedtime Stories project by Maja Smrekar. Maja Smrekar is a renowned artist and researcher working at the intersection of ecofeminism and technology whose work satisfied the criterion of merit, as defined by the Charity Commission Review of Registered Reports (RR10). In 2017, Smrekar received the Prix Ars Electronica - Golden Nica 2017 in the Hybrid Arts Category (Linz, Austria). In 2018, she was the recipient of the Prešeren Foundation Award, the highest award for artistic achievements of the Republic of Slovenia. In 2020 and 2021, Smrekar was the Science Breakthrough of the Year Finalist within the Science in the Arts category of the Falling Walls Foundation and Berlin Science Week.

In the 2023 - 2024 financial year, the foundation facilitated Smrekar's visits to London where she collaborated with FBFX, a photogrammetry and special effects studio, on a series of photographs (Photo Performance) under the Bedtime Stories project umbrella. The photos combined photogrammetry scanning technology with MetaHuman software and other digital design tools to create an innovative photographic format. In addition to the series, Blessed facilitated a collaboration between the artist and an AI programmer Qibin Cheng which resulted in the creation of an AI chatbot prototype, and a case study written with the general public in mind, which is ready to be published in the Resource section of the Blesses Foundation's website.

The chatbot, unlike popular Chat GPT, was trained using a personalised dataset from the artist (instead of multiple person's feedback) and contained a range of human experiences that are not included in the classic AI training, like trauma. By doing so, the study has pushed the boundaries and explored the mechanisms behind the 'human-like' interactions of those technologies, addressing critical and pertinent social issues.

Finally, Blessed facilitated a collaboration between Smrekar and an architect and designer Aljaz Rudolf which led to the development of an experimental performance architecture study. The study demonstrated an innovative structure connecting the body of the artist and that of a robot using metaballs designing. The study is also ready to be published in the Resources section of Blessed Foundation's website to serve as educational research available for general audiences, and fellow interdisciplinary professionals.

In the spirit of connecting artists with a global network of creatives, Blessed Foundation also invited Smrekar to give a talk in London within the Future-proof series in June 2023 attended by performance artists, designers, and fellow charity workers. The talk was recorded and published on the Blessed website, Spotify and Apple Podcast bringing global exposure and opportunities for the artists to connect with audiences outside of London.

Page 3

BLESSED FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

OBJECTIVES AND ACTIVITIES

Andrea Khora: Rapture

Blessed Foundation responded to the principles of the development of ambitious artworks and the use of new formats by co-commissioning, at the beginning of 2024, a video titled Rapture by Andrea Khora. The piece fused traditional filming techniques with an innovative use of AI-generated imagery. The work was co-commissioned in collaboration with the KW Institute of Contemporary Art in Berlin, and Kunsthal Charlottenborg and presented at the KW Institute between 16 February and 26 May at a group exhibition Poetics of Encryption which had recorded 28,000 visitors according to the data provided by the venue. Subsequently, the work was presented at Blessed in May 2024, accompanied by a public programme. The details of this presentation will be included in the 2024-2025 report. The work, technologically cutting-edge, touched on an important social issue of the impact of the growth of AI and psychedelic industries on the well-being of the workforce and broader communities across the globe.

Public benefit

The Trustees are aware of the Charity Commission's guidance on public benefit, including the public benefit requirement, and have taken it into account when making decisions as to which the guidance is relevant. In addition, the CIO's Constitution states clearly "Nothing in this constitution shall authorise an application of the property of the CIO for the purposes which are not charitable in accordance with section 7 of the Charities and Trustee Investment (Scotland) Act 2005 and section 2 of the Charities Act (Northern Ireland) 2008. The income and property of the CIO must be applied solely towards the promotion of the objects.

ACHIEVEMENT AND PERFORMANCE

Fundraising activities

Fundraising efforts led to an increase in the charity's income from the total of £125,000 in the year 2022-2023 to £366,833 this financial year.

Audience and community engagement

Another important area was audience growth and community engagement in line with the charity's objective to promote art to the public on social issues and art practice and to connect the artists with a global network of creatives. At the beginning of April 2024, the Instagram following was 301, a 500% increase from the previous financial year. Blessed established a newsletter database which at the beginning of April 2024 had 182 followers and steadily growing in the run-up to Andrea Khora's exhibition.

A global, diverse network of creatives

The Future-proof series, launched in April 2023, has allowed Blessed to create a truly interdisciplinary community platforming established and under-represented creatives. A subsequently launched, the Future-proof podcast allowed for a broader global reach and exposure of presented voices and topics as specified in the Significant activities section of this report. The relationship between New York-based creatives and the UK-based ones initiated through Future-proof was also strengthened in the following financial year through an exhibition Fields of Vision which will be the subject of the next financial report.

Encouragement of ambitious artworks and use of new formats

Blessed facilitated knowledge exchange and use of a variety of ambitious and experimental formats, including AI-generated videos (Andrea Khora), personalised chatbots (Bedtime Stories), experimental performance architecture (Bedtime Stories), musical and gaming devices for neurodivergent users (Hunaid Nagaria, Future-proof series), fuel and construction materials from avocado seeds (Fragmentario, Future-proof series).

Recognition

In the 2023 - 2024 financial year, Blessed Foundation was recognised by the Living Wage Foundation and the Lambeth council as a living wage employer and awarded a grant towards subscriptions to the programme.

Page 4

BLESSED FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

FINANCIAL REVIEW

Financial position

During the year the charity had a surplus of £233,128. The charity had income totalling £366,833 and expenditure on charitable activities of £133,705. Net current assets less creditors due within one year total £291,614, at the period end the funds balance was made up of unrestricted funds totalling £296,866 and no restricted funds.

Reserves policy

There is no policy on holding reserves included in the CIO constitution. To mitigate that the charity makes financial commitment only when relevant funds are available in the accounts.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document and constitutes an unincorporated charity.

Recruitment and appointment of new trustees

As per Article 10 of the CIO's constitution in relation to the appointment of charity trustees:

(1) Apart from the first charity trustees, every trustee must be appointed for a term of two years by a resolution passed at a properly convened meeting of the charity trustees.

(2) 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.

Organisational structure

In this financial year, the organisational structure of the charity consisted of the board of trustees.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1193612

Principal address

Bacon Factory 6 Stannary Street London SE11 4AA

Trustees

S Stapleton (resigned 24.1.2024) M G Sanders J B Royall J M Woodcock (appointed 31.5.2023) E N Wesigye (appointed 14.2.2024)

Managing Director

Dr Sylwia Serafinowicz (appointed 24.10.2022)

Independent Examiner

Paul Underwood, FCCA Morris Crocker Chartered Accountants Station House North Street Havant Hampshire PO9 1QU

Page 5

BLESSED FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

Approved by order of the board of trustees on 15.08.2024 and signed on its behalf by:

................................................................. M G Sanders - Trustee

Page 6

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BLESSED FOUNDATION

Independent examiner's report to the trustees of Blessed Foundation

I report to the charity trustees on my examination of the accounts of Blessed Foundation (the Trust) for the year ended 31 March 2024.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Paul Underwood, FCCA

Morris Crocker Chartered Accountants Station House North Street Havant Hampshire PO9 1QU

Date: .............................................15 August 2024

Page 7

BLESSED FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
225,558
Charitable activities
4
Organisation of networking events
140,000
Investment income
3
1,275
Total
366,833
EXPENDITURE ON
Charitable activities
5
Promoting Art
133,705
NET INCOME
233,128
RECONCILIATION OF FUNDS
Total funds brought forward
63,738
TOTAL FUNDS CARRIED FORWARD
296,866		 Restricted
fund
£
-
-
-
-
-
-
-
-		 2024
Total
funds
£
225,558
140,000
1,275
366,833
133,705
233,128
63,738
296,866		 2023
Total
funds
£
50,000
75,000
-
125,000
111,165
13,835
49,903
63,738

The notes form part of these financial statements

Page 8

BLESSED FOUNDATION

BALANCE SHEET 31 MARCH 2024

Notes
FIXED ASSETS
Tangible assets
11
CURRENT ASSETS
Cash at bank
CREDITORS
Amounts falling due within one year
12
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
14
Unrestricted funds
TOTAL FUNDS		 2024
£
5,252
293,914
(2,300)
291,614
296,866
296,866
296,866
296,866		 2023
£
2,251
63,689
(2,202)
61,487
63,738
63,738
63,738
63,738

The financial statements were approved by the Board of Trustees and authorised for issue on 15.08.24 and were signed on its behalf by:

............................................. M G Sanders - Trustee

The notes form part of these financial statements

Page 9

BLESSED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

The financial statements have been completed using pound sterling as the currency and all figures have been rounded to the nearest pound.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Allocation and apportionment of costs

Support costs have been differentiated between governance costs and other support costs.

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory independent examination (audit fees for previous years) and legal fees together with an apportionment of overhead and support costs relating to trustee Board meetings.

As grantmaking is the charity's only charitable activity a basis of apportionment relating to governance costs and support costs is not required.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

25%

Individual fixed assets costing £250 or more are capitalised at cost.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

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BLESSED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES - continued

Fund accounting

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Financial instruments

The charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in complicated investment products.

Trade and other debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Trade and other creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2. DONATIONS AND LEGACIES

Donations
Other income
3.
INVESTMENT INCOME
Deposit account interest		 2024
£
225,306
252
225,558
2024
£
1,275		 2023
£
50,000
-
50,000
2023
£
-

All investment income is derived from assets held in the United Kingdom.

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BLESSED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

4.
INCOME FROM CHARITABLE ACTIVITIES
2024
Activity
£
Charitable activity income
Organisation of networking events
140,000
5.
CHARITABLE ACTIVITIES COSTS
Support
Direct
costs (see
Costs
note 7)
£
£
Promoting Art
131,206
2,499
6.
GRANTS PAYABLE
2024
£
Promoting Art
-
The total grants paid to institutions during the year was as follows:
2024
£
Cultrunners Ltd Admin & Legal
-
Healing Arts London
-
Pandemic as Portal
-
Yazidi Cultural Archive
-
Brooklyn Museum Commission
-
Marketing
-
-
7.
SUPPORT COSTS
Governance
Finance
costs
£
£
Promoting Art
4
2,495
Support costs, included in the above, are as follows:
Finance
2024
Promoting
Art
£
Bank charges
4		 2023
£
75,000
Totals
£
133,705
2023
£
80,381
2023
£
26,326
5,219
3,490
36,222
3,837
5,287
80,381
Totals
£
2,499
2023
Total
activities
£
-

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BLESSED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

7. SUPPORT COSTS - continued Governance costs

SUPPORT COSTS - continued
Governance costs
2024 2023
Promoting Total
Art activities
£ £
Accountancy fees 605 534
Independent examination fees 1,890 1,800
Legal fees - 1,675
2,495 4,009

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.

Trustees' expenses

During the year no trustees were reimbursed out of pocket expenses.

9. STAFF COSTS

2024 2024 2023
£ £
Wages and salaries 73,812 16,336
Other pension costs 4,529 765
78,341 17,101
The average monthly number of employees during the year was as follows:
2024 2023
Administrative 1 1
One employee received emoluments in excess of £60,000 (2023: none).
The number of employees whose emoluments fell within the following bands:		 2023
£
-
-
-
2024
£
£60,000 to £69,999 1
£70,000 to £79,999 -
£80,000 to £89,999 -

The charity paid contributions to pension scheme for 1 (2023: none) of those employees with emoluments in excess of £60,000.

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BLESSED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
50,000
Charitable activities
Organisation of networking events
75,000
Total
125,000
EXPENDITURE ON
Charitable activities
Promoting Art
63,090
NET INCOME/(EXPENDITURE)
61,910
RECONCILIATION OF FUNDS
Total funds brought forward
1,828
TOTAL FUNDS CARRIED FORWARD
63,738
11.
TANGIBLE FIXED ASSETS
COST
At 1 April 2023
Additions
At 31 March 2024
DEPRECIATION
At 1 April 2023
Charge for year
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023		 Restricted
Total
fund
funds
£
£
-
50,000
-
75,000
-
125,000
48,075
111,165
(48,075)
13,835
48,075
49,903
-
63,738
Computer
equipment
£
2,349
4,389
6,738
98
1,388
1,486
5,252
2,251		 Total
funds
£
50,000
75,000
125,000
111,165
13,835
49,903
63,738

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BLESSED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other creditors
13.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
fund
£
Fixed assets
5,252
Current assets
293,914
Current liabilities
(2,300)
296,866
14.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
The Future is Unwritten Artist
Response Fund
TOTAL FUNDS		 Restricted
fund
£
-
-
-
-
At 1.4.23
£
63,738
63,738
Incoming
resources
£
366,833
366,833
At 1.4.22
£
1,828
48,075
49,903		 2024
2023
£
£
2,300
2,202
2024
2023
Total
Total
funds
funds
£
£
5,252
2,251
293,914
63,689
(2,300)
(2,202)
296,866
63,738
Net
movement
At
in funds
31.3.24
£
£
233,128
296,866
233,128
296,866
Resources
Movement
expended
in funds
£
£
(133,705)
233,128
(133,705)
233,128
Net
movement
At
in funds
31.3.23
£
£
61,910
63,738
(48,075)
-
13,835
63,738

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BLESSED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

14. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
The Future is Unwritten Artist
Response Fund
TOTAL FUNDS		 Incoming
resources
£
125,000
-
125,000		 Resources
Movement
expended
in funds
£
£
(63,090)
61,910
(48,075)
(48,075)
(111,165)
13,835

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Restricted funds
The Future is Unwritten Artist
Response Fund
TOTAL FUNDS		 At 1.4.22
£
1,828
48,075
49,903		 Net
movement
in funds
£
295,038
(48,075)
246,963		 At
31.3.24
£
296,866
-
296,866

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
The Future is Unwritten Artist
Response Fund
TOTAL FUNDS		 Incoming
resources
£
491,833
-
491,833		 Resources
Movement
expended
in funds
£
£
(196,795)
295,038
(48,075)
(48,075)
(244,870)
246,963

The Future is Unwritten Artist Response Fund - The restricted fund relates to income received from Christie Manson & Woods Limited passed onto Culturunners Ltd to pay grants to support artists.

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BLESSED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

15. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2024.

16. ULTIMATE CONTROLLING PARTY

The charitable company is not under the control of another entity or any one individual.

Page 17