## **Almas Art Foundation**
**(A company limited by guarantee)**
**Report and Financial Statements For the Year Ended 31 December 2024**
**Charity Number: 1195449 Company Registration Number: 12990359**
## **Almas Art Foundation Contents**
## **Contents**
Reference and administrative details .......................................................................................................... **3** Report of the Trustees ........................................................................................................................... **4-11** Independent examiner's report…………………………………………….…………………………………………………………….. **12-13** Statement of Financial Activity for the year ended 31 December 2024 ..................................................... **14** Balance Sheet as at 31 December 2024..................................................................................................... **15** Notes forming part of the Financial Statements for the year ended 31 December 2024………………….….. **16-20**
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2
**Almas Art Foundation Reference and administrative details**
|**Charity Registration**|1195449|
|---|---|
|**Number:**||
|**Company Registration**|12990359|
|**Number:**||
|**Trustees**|P A Bayliss|
||F J Fonkenell|
||N Mohamed –Appointedand resigned 1 May 2024|
|**Company Secretary**|L Mitchelson – resigned 25 March 2025|
|**Registered Office**|Arch 28|
||Old Union Yard Arches|
||229 Union Street|
||London SE1 0LR|
**Independent examiner** Michael Webb FCCA Haines Watts Swindon Limited Old Station House, Station Approach Swindon SN1 3DU
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3
**Almas Art Foundation Trustees Report**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Constitution**
Almas Art Foundation (“the Charity”) is a charitable company constituted under a Memorandum of Association dated 02 November 2020 and amended by a special resolution dated 15 February 2021. It is a registered Charity with Charity number being 1195449.
The Charity is limited by guarantee and does not have share capital. All Trustees are members of the Charity and guarantee to contribute £1 in the event of winding up.
## **Organisation and management**
In accordance with the Articles of Association, the charity shall always have at least 2 Trustees. Trustees are appointed or reappointed by ordinary resolution or by decision of the Trustees. Any decision of the Trustees is made by majority vote at Trustees’ meetings.
The administration of the Charity was carried out by the Trustees who are also the directors.
## **Trustees**
The Trustees of the Charity during the period ended 31[st] December 2024 and up to the date of approval of this report were:
F J Fonkenell
P A Bayliss
N Mohamed (appointed and resigned 1 May 2024)
## **OBJECTIVES AND ACTIVITIES**
The main objectives of the Charity and their activities are:
- The advancement of education in the arts by encouraging public understanding and enjoyment of African art; and
- The advancement of African art and culture.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Key achievements:**
Almas Art Foundation continued its support, documentation and presentation of visual artists from Africa and its diaspora through three main artist projects in 2024 featuring Andile Dyalvane, Richard Kimathi and Ermias Ekube. Our film screenings also continued to introduce audiences to diverse filmmakers and stories from Africa and its diaspora.
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## **Almas Art Foundation Trustees Report**
International audiences were exposed to these resonant art practices, films and critical writing, launched in multiple locations such as Nairobi, Cape Town, London and New York. The documentaries and publications continue to be available to the public digitally and free of charge.
Almas Art foundation continues to support the art ecosystem; the environments where artists and other creative practitioners develop and produce through meaningful collaborations with writers, curators, artist residencies and art organisations. These collaborations included:
- Engaging and collaborating with an Artist Selection Committee in Kenya in identifying Richard Kimathi as a resonant visual practitioner that deserves international platforms and recognition;
- Project launches organised and supported by Almas Art Foundation in Cape Town, Nairobi and New York;
- First Artist Residency agreed with 32 Degrees East, Kampala, Uganda for 2025
- First site-specific project collaboration with the Congolese/Belgian artist Baloji during the 1-54 African Art Fair in London with dedicated funding received from private donation. The multi-media installation was presented as part of the non-commercial Special Projects section.
## **ARTISTS FEATURED**
## **ANDILE DYALVANE**
Andile Dyalvane is guided by a deep spiritual connection to his Xhosa ancestors. His medium of clay or “umhlaba” (mother earth) is, at its most fundamental, a life-affirming connection to the soil. Dyalvane completed a National Diploma in Art and Design at Sivuyile Technical College in Gugulethu, Cape Town, followed by a National Diploma in Ceramic Design from Nelson Mandela Metropolitan University in 2003. In 2005, he and Zizipho Poswa co-founded Imiso Ceramics. He has developed a language of incision marks
## **RICHARD KIMATHI**
Born 1971 in Nyeri, Richard Kamathi studied Graphic Arts at the Nairobi Creative Art Centre. In 1996, he joined the artists’ incubator Kuona Trust studios. Kimathi’s work represents the human tendencies, how we feel and behave in political and social situations. He reflects on issues around fatherhood and male suicides. Kimathi has represented Kenya at Dak’Art in Senegal and has had some international exposure.
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5
**Almas Art Foundation Trustees Report**
## **ERMIAS EKUBE**
**Ermias Ekube** (b. 1970, Addis Ababa, Ethiopia) studied at the Alle School of Fine arts and Design, Addis Ababa, graduating in 1990. He is an artist of Eritrean descent and has lived in Addis, Asmara, and Nairobi before moving to Kalmar, Sweden. Merging figurative and conceptual strands, Ekube’s work draws on thoughts and memories to imbue stories with meaning via simple objects, signs and gestures.
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6
**Almas Art Foundation Trustees Report**
## **Projects and Events 2024**
- Ermias Ekube Documentary Filming **Sweden** , January
- Richard Kimathi Documentary Filming **Nairobi** , January
- Andile Dyalvane Publication and Documentary Launch, **Cape Town** , February
- Richard Kimathi Publication and Documentary Launch, **Nairobi** , April
- Omen by Baloji, Film Screening and Q&A, **Curzon** , April
- **Off-Print Art Book Fair** , Tate Modern, May
- Richard Kimathi Exhibition and London presentation of publication and documentary, April
- Sudan presentation at the Aurora Arts Biennale, **Sweden** , June - sponsoring the travel of artworks and catalogue
- Ermias Ekube Book Launch, Ed Cross Gallery, **London** , June
- Ermias Ekube Exhibition, Documentary and book launch, **Africa Centre** , June
- Andile Dyalvane Book Launch, **New York** , September
- Sudan 2025 Workshop with Dr Rashid Diab, Dr. Larissa Fuhrmann and Yafil Mubarak, September
- Baloji Special Project x Almas **x 1-54 African Art Fair** x Defise Foundation, October
- Amina Film Screening and Q&A **x KAYD Somali Week** , London, October
- Ebrohimie Road Documentary Screening and Q&A, Close-Up, **London** , October
- Establishment of first artist residency for 2025 with **32 Degrees East** , Kampala, Uganda
- **BFI Grant Application** Preparation for Sudan Film Programme 2025, December – This was granted in March 2025.
- Making our publications and documentaries freely available to the public on our digital channels
- Continued distribution of our books to educational institutions around the world free of charge
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## **Almas Art Foundation Trustees Report**
Baloji, Augure – Infinite Trolling, 2024, produced by Almas Art Foundation and Defise Foundation.
## **Key Contributions to Documentations and Archiving of Artworks**
- We researched and tracked photographic documentation and details of artworks produced by Richard Kimathi in his career spanning three decades. A highlight was discovering that neither the artist nor their gallery had any documentation of his artwork that had been published as a UN stamp other than the stamp itself. We continue to iterate to artists the importance of documentation.
- We were able to locate and bring artworks from Ethiopia, which Ermias Ekube had to leave behind upon his displacement to Eritrea. These artworks including a portrait of the artist’s mother are now with Ermias Ekube’s gallery and might have been lost to the artist if not for Almas Art Foundation’s resources and efforts.
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## **Almas Art Foundation**
## **Trustees Report**
- We were able to locate portrait drawings on cardboard by Ermias Ekube of artists working in the Kuona Arts Trust at the time of Ermias Ekube’s brief stay in Nairobi. This is an important documentation of the artist’s work lost to him, important documentation regarding the history of Kuona Arts Trust and the collective of artists who have gone on to become key figures.
## **Looking forward to 2025**
- Almas Art Foundation is looking forward to moving to its new premises in 2025 at Arch 28, Old Union Yards, 229 Union Street, London, SE1 0LR. This will mark a new chapter for Almas Art Foundation with a dedicated exhibition space to expand its audience reach.
- Almas Art Foundation will dedicate it 2025 programmes to documenting and presenting the incredible depth of arts and culture of Sudan. Since the successful workshop with Dr Larissa Fuhrmann, Dr Rashid Diab, Yafil Mubarak, we have been busy structuring the year’s long programme to celebrate and present Sudanese arts. We have secured permission from the Arab League to translate and print in English Dr Diab’s book covering Sudanese arts from 1940 to 2004. The book will be launched with an exhibition of Sudanese pioneers including Ibrahim El Salahi, Kamala Ibrahim Ishag, Ahmed Shibrain and their peers in June. This will be followed by further publications and exhibitions that will present further generations and contemporary artist from Sudan.
- Almas Art Foundation will deliver a Film Programme developed with the film historian and curator Talal Afifi, presenting thought provoking films from Sudan. The film screenings programme will start in September.
- Almas Art Foundation looks forward to sponsoring its first Artist in Residence at 32 Degrees East in Kampala Uganda.
- Almas Art Foundation will continue its support of KAYD Somali Arts Week film screenings.
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9
**Almas Art Foundation Trustees Report**
## **Financial review**
## **Results for the period**
The results for the period are shown in the statement of the financial activities on page 14.
The main source of income is donations and related gift aid. During the period, the Charity received donations totalling of £231,375 (2023: £447,621). This significant variance is primarily attributable to a £115,000 donation received on 27 December 2023. Although this donation was recorded in the 2023 accounts, it was largely designated for activities taking place in 2024.
The amount spent on charitable activities totalled £312,963 (2023: £276,911). The result for the period ended 31 December 2024 was a deficit of £66,591 (2023: surplus of £176,762).
As at 31 December 2024, the balance of the unrestricted funds was £135,393 (2023: £201,984) and restricted funds was £Nil (2023: Nil).
## **Reserves policy**
The level of reserves is monitored and reviewed by the Trustees at least annually. The Trustees believe that the charity should target to hold unrestricted financial reserves equivalent to a minimum of three months operating costs. This is in the region of £70,000.
As at 31 December 2024, the charity’s free reserves were £135,393. This is comfortably above the reserve policy stated above.
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10
Almas Art Foundation
Trustees Re
Trusteos. responsibilities Statsment
The Trustees Iwho are also directors of the Charity forthe purposes of company law} are responsible for
preparing the Trustees, Rewrt Ilncorporating the strate8ic report and director report) and ihe financlal
statements in accordance with applicable law and Unjted Kiftgdom Accounting Standard5, induding
Hnancial Reportin8 Stsndard IOZ= The Financial ReportinB Standard applicable in the UK and Republic of
Ireland (United KinEdom Generally Accepted Accounting Prncticel.
Company law requires the Trustees to prepare financial statements for each financial year whlch gNe a
true and falr vlew of the stste of affairs of the Charlty and of the income and eJ(penditure, of the Charity
for that period. In preparin8 these financlal statements. tht Trustees ère required to-
select sultable aecountin8 polScles and then apply them consistentty;
observe the methods and princlple5 in the Charit$ SORP {FRS 102):
make judgments and accounUnB estirnates that are lsonable ar prudent,.
state whether applicable UK Accounting Standards have been followed, Subject to any material
departures disclosed and explained In the financlal ststements. and
prepare the financial statements on the 80in8 concern basls unless it is Inapproprfate to presume that
the Charity will contlnue in business.
The Trustees are responsSble for maintainln8 proper accountln8 fecords whkh disc105e wlth reasonable
accurary at any tlme the financlal position of the Charty and enabbe them to ensure that the financlal
statements comply with ihe Companies Act 26. They are also resFonslble fof safeBuardlng the assets of
the Charlty and hence for taking reasonable steps for the preventlon and detertion of fraud and other
irregularltkes.
The Trustees are re5ponslble for the malntenance and Integrity of thè Charity and financlal infomiatlon
included on the Charitys website. Leglslation In the Unlied Kingdom 8overnin8 the preparat5on and
dlssemination of accounts may differ from le8lsktiOA in other lurlsdlctn&
Thli
rt Wa8 apwo¥•d by Tru8e6 8ry1 •lw on thoir bWty'.
F J Fonk•nell
TrustÈe
26 S•ptemb•r 2025
li
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**Almas Art Foundation Independent Examiner’s Report**
## **Independent Examiner's Report to the Trustees of Almas Art Foundation**
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2024 which are set out on pages 7 to 13.
## **Responsibilities and basis of report**
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Chartered Institute of Certified Accountants.
I have completed my examination. I confirm that no 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 company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
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**Almas Art Foundation Independent Examiner’s Report**
_______________________________
## **Michael Webb FCCA**
Haines Watts Swindon Limited
Old Station House
Station Approach
Swindon
SN1 3DU
## **Date: 26 September 2025**
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13
## **Almas Art Foundation Statement of Financial Activities (incorporating income and expenditure) for the year ended 31 December 2024**
|**Notes**
**Income and endowments from:**
Donations and legacies
**2**
Trading income
**3**
Investment Income
**4**
Other Income
**Total income and endowments**
**Expenditure on:**
Charitable activities
**5**
**Total Expenditure**
**Net Income/(expenditure) for the year**
**Transfer between funds**
**Net movement of funds**
**Reconciliation of funds**
Total funds brought forward
**11**
**Total funds carried forward**|**Unrestricted**
**Restricted**
**Total Funds**
**Total Funds**
**2024**
**2024**
**2024**
**2023**
**£**
**£**
**£**
**£**
231,375
-
**231,375**
447,621
14,834
-
**14,834**
5,356
163
-
**163**
6
-
-
**-**
690|
|---|---|
||246,372
-
**246,372**
453,673|
||312,963
-
**312,963**
276,911|
||312,963
-
**312,963**
276,911|
||(66,591)
-
**(66,591)**
176,762
-
-
**-**
-|
||(66,591)
-
**(66,591)**
176,762|
||201,984
-
**201,984**
25,222|
||135,393
-
**135,393**
201,984|
**All recognised gains and losses are included in the above Statement of Financial Activities. All income and expenditure derive from continuing activities.**
**The notes on pages 15 to 19 form part of the financial statements.**
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14
Almas Art Foundation
Balance Sheet as at 31 December 2024
314lec43
Cufr•ntA8*ets
Stock
Cash at b8nk 4nd In hand
Deblorn and Prepayments
44.377
129,206
31A56
142.893
216.850
Cr•dltorn: Amounts l•llln9
dua vAthln on• yr
10
13
N•t ¢T•A¥•• IlllabllStt••l
135.393
201.W
N•t A•••ts Illl*bllitl8•1
The fundg Oft ¢hAIrty:
Unr6stsithd Funth
Total Charlty fund•
11
135393
201,984
r••prfi to •CCotIng r•r*yd¥ ¢ryarntion Off8 8ta¢wnwl•.
The finandil been pi•p8r•d n #e<4yd•rK4 Vilh the provi8kn* 4yltst4e to Lxxnpankn 8ubJoct to lh•
Small MPani•l r8Orn• •nd in oc£tydorK• whh woviiiNM ofFRS1Wk 1A-•mo11 •ntit108.
Fcff tho period endod 31 Dobe1 21Y23. tr*è CtsnPAny enlitled Io fr£rfn *u¢Jl und•r 477 of tho
coMni Art 2006 TèlatstyJ to c<>ryanle8.
The 8tstements w8r• appfo¥•J by Tjwtoès 26 S•pt•JRb•r 2025
ar#J *wed on thth'r behall..
J Fonk•
Tru*t8•
The nots• on 1S to 19 fomi olth• finJn¢iil •t•t•m•nts.
15
Prepared by Excluserv Ltd
**Almas Art Foundation Notes to the Financial Statements as at 31 December 2024**
## **1) Accounting Policies**
## **(a) General information and basis of preparation of financial statements**
Almas Art Foundation (“the Charity”) is a company limited by guarantee not having share capital and is incorporated in England and Wales. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. The company registration number is 12990359 and the Charity Registration number is 1195449. Its registered office and principal place of business is Somerset House Strand, S62, London, WC2R 1LA.
The charity constitutes a public benefit entity as defined by FRS 102. 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), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Account Practice.
The financial statements are prepared on a going concern basis under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or in the notes of the accounts.
The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
## **(b) Critical accounting estimates and areas of judgement**
The preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates/ It also requires management to exercise judgement in applying the company’s accounting policies.
The following accounting policies have been applied:
## **(c) Assessment of going concern**
The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The Trustees have made this assessment in respect to a period of at least 12months from the date of approval of these accounts.
The Trustees of the Charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern.
## **(d) Cash flow statement**
The financial statements do not include a cash flow statement because the Charity, as a small reporting entity, is exempt from the requirement to produce a statement under Accounting and Reporting by charities Statement of Recommended Practice (Charites SORP (FRS 102)).
## **(e) Income**
Income is recognised in the period in which the Charity is entitled to receipt, the amount can be measured reliably and it is probable that income will be received. Where income relates to future periods, this income will be deferred. Grants and donations received for the general purposes of the charitable company are included as unrestricted funds, grants and donations for activities restricted by the wishes of the donor are taken to restricted funds.
## **(f) Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to make payment to a third party, it is probable that a transfer of economic benefit will be required in the settlement and the amount of the obligation can be measured reliably.
Expenditure is included in the accounts on an accrual basis and included attributable VAT, which cannot be recovered.
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16
**Almas Art Foundation Notes to the Financial Statements as at 31 December 2024**
## **(g) Debtors and prepayments**
Trade and other debtors are recognised at the settlement amount due after any trade discounts and less any provisions for non-recoverability. Prepayments are valued at the amount prepaid net of any discounts.
## **(h) Creditors and provisions**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount to settle the obligation can be measured or estimated reliably.
## **(i) Stocks – Change in Accounting policy**
Stocks are now stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slowmoving stock where appropriate. This represents a change in accounting policy during the year; previously all costs associated with book production were written off as incurred.
## **(j) Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value
## **(k) Tax**
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
The charity is not registered for VAT purposes. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
## **2) Income from donations and grants**
|Donations
Gift aid|**Unrestricted**
**Restricted**
**Total Funds**
**31 December 2024**
**Total Funds**
**31 December 2023**
**£**
**£**
**£**
**£**
185,100
-
**185,100**
340,000
46,275
-
**46,275**
107,621
231,375
-
**231,375**
447,621|
|---|---|
## **3) Trading Income**
|Publication sales
Courier|**Unrestricted**
**Restricted**
**Total Funds**
**31 December 2024**
**Total Funds**
**31 December 2023**
**£**
**£**
**£**
**£**
13,154
-
**13,154**
5,356
1,680
-
**1,680**
-|
|---|---|
||14,834
-
**14,834**
5,356|
Prepared by ExcluServ Ltd
17
**Almas Art Foundation Notes to the Financial Statements as at 31 December 2024**
## **4) Investment Income**
|Interest|**Unrestricted**
**Restricted**
**Total Funds**
**31**
**December**
**2024**
**Total**
**Funds 31**
**December**
**2023**
**£**
**£**
**£**
**£**
163
-
**163**
6|
|---|---|
||163
-
**163**
6|
## **5) Analysis of expenditure on charitable activities**
|**Direct Charitable and Support costs**
Direct Project costs
Cost of publications
Staff costs
Other professional and legal fees
Rent and related expenses
Subscriptions
Office costs
Insurance
Computer Costs
Accountancy
Volunteer expenses
Travel Costs
Staff Recruitment
Independent review
Trustees expenses
AGM/Board meetings
Other|**Charitable**
**activities**
**Support**
**Costs**
**Governance**
**Total Funds**
**31 December**
**2024**
**Total Funds**
**31 December**
**2023**
**£**
**£**
**£**
**£**
82,330
11,133
-
**93,463**
86,218
22,433
882
-
**23,315**
24,562
49,599
77,678
-
**127,277**
97,498
-
783
64
**847**
1,743
-
27,765
-
**27,765**
32,541
-
2
-
**2**
3,361
3,645
12,916
-
**16,561**
7,280
-
1,165
-
**1,165**
648
-
5,474
-
**5,474**
5,923
-
15,006
-
**15,006**
12,018
-
35
-
**35**
2,250
66
119
-
**185**
238
-
-
-
**-**
300
-
-
1,240
**1,240**
1,080
-
-
-
**-**
109
-
-
-
**-**
96
(36)
664
-
**628**
1,046|
|---|---|
||158,037
153,622
1,304
312,963
276,911|
## **6) Governance costs**
|Independent examination
Trustee expenses
Board Meeting Expenses
Other|**Unrestricted**
**Restricted**
**Total Funds**
**31 December**
**2024**
**Total Funds**
**31 December**
**2023**
**£**
**£**
**£**
**£**
1,240
-
**1,240**
1,080
-
-
**-**
109
-
-
**-**
96
64
-
**64**
13|
|---|---|
||1,304
-
**1,304 **
1,298|
Prepared by ExcluServ Ltd
18
**Almas Art Foundation Notes to the Financial Statements as at 31 December 2024**
## **7) Employee and Trustees remuneration and expenses**
|**Payroll Details:**
Wages and Salaries
Social Security Costs
Pension contributions|**2024 Total**
**2023 Total**
**£**
**£**
**117,000**
92,500
**7,380**
3,178
**2,897**
1,820|
|---|---|
||**127,277**
97,498|
No employee received remuneration of more than £60,000.
The total staff headcount throughout the year was 3 (2023: 3) and the average full-time equivalent employees during the year was 3 (2023: 2.75)
No Trustees received any emoluments for their services as Trustees during the period.
No Trustees were reimbursed for travel expenses during the period £0 (2023: £109)
## **8) Stock**
|Stock
**)Debtors and prepayments**
Trade Debtors
Prepayments
Other Debtors
Accrued Income|**31-Dec-24**
**31-Dec-23**
**£**
**£**
**64,564**
44,377|
|---|---|
||**64,564**
44,377|
||**31-Dec-24**
**31-Dec-23**
**£**
**£**
**291**
**-**
**15,632**
6,793
**30,850**
6,440
**-**
28,834|
||**46,773**
42,067|
## **9) Debtors and prepayments**
## **10) Creditors: Falling due within one year**
|Trade Creditors
Taxation and social security
Accruals
Other creditors|**31-Dec-24**
**31-Dec-23**
**£**
**£**
2,696
10,476
4
4
4,800
3,259
-
(73)|
|---|---|
||**7,500**
13,666|
Prepared by ExcluServ Ltd
19
**Almas Art Foundation Notes to the Financial Statements as at 31 December 2024**
## **11) Movement in Funds**
|**Current Year**
**Unrestricted Funds**
General fund
**Total Funds**|**At 1 January**
**2024**
**Income**
**Expenditure**
**Transfers of Funds**
**At 31 December**
**2024**
**£**
**£**
**£**
**£**
201,984
246,372
(312,963)
-
**135,393**
**201,984**
**246,372**
**(312,963)**
**-**
**135,393**
**At 1 January**
**2023**
**Income**
**Expenditure**
**Transfers of Funds**
**At 31 December**
**2023**
**£**
**£**
**£**
**£**
25,222
453,673
(276,911)
-
**201,984**|
|---|---|
|**Prior Year**||
|||
|**Unrestricted Funds**||
|General fund||
|||
|**Total Funds**|**25,222**
**453,673**
**(276,911)**
**-**
**201,984 **|
## **12) Analysis of net assets between funds**
|**Current Year**
**Fund balances at 31 December 2024 are represented by:**
Current assets
Creditors: amounts falling due within one year
**Prior Year**
**Fund balances at 31 December 2023 are represented by:**
Current assets
Creditors: amounts falling due within one year|**Unrestricted**
**Restricted**
**2024**
**Total**
**£**
**£**
**£**
142,893
-
**142,893**
(7,500)
-
**(7,500)**|
|---|---|
||135,393
-
**135,393**|
||**Unrestricted**
**Restricted**
**2023**
**Total**
**£**
**£**
**£**
215,650
-
**215,650**
(13,666)
-
**(13,666)**|
||201,984
-
**201,984**|
## **13) Related Party Transactions**
Related party transactions consisted of donations received from G Fonkenell, who is the husband of F J Fonkenell, a Trustee of the Charity amounting to £172k (2023: £340k).
## **14) Prior Year Adjustment**
No prior year adjustments were made.
Prepared by ExcluServ Ltd
20