Charty registralion number. 1196686 Exeter City of Literature Annual Report and Finandal Stslements for the Year Ended 31 March 2024 WESTCOTTS CHARTEREO ACCOUIITAMTS 6 BilSIt41SS ADVIS•IS
Exeter City of Lltorature Contents {contlnued) Reference and Admlnlstratlve Detalls Trustees. Rek 2to7 Independent Examinerfs Report statement of Flnendal Athities Balance Sheet 10 Notes to the Financlal SL*ements 11to19
Exeter City of Literaturo Reference and Admlnlstrative Detalls Trustees: DrAAWatt M Argyle M Richards Ireslgned 31 October 2023) L Wright {resigned 23 May 2024} S Pavelle D Row&tt S Hashemy, (Chalrl lappointed 16 April 20241 E JlkiernPearS0n lappointed 16 Aprll 2024} H Miller {appointed 16 April 2024} T Staniford (appointed 16 Aprfl 2024) Charity Reglstratlon Number 1196686 Princlpal Office Exeter Phoenlx Bradninch Pla Gandy Street Exeter Devon EX4 3LS Independent Examlner Weslcotts (SWI LLP 47 Boutport street Barnstaple Devon EX31 1SQ Page 1
Exeter City of Literature Trustees. Report The trustees present the annual report logeth&r with the financial statements of the charity for the year ended 31 March 2024. structuro, Governance, and Management Recruitment and Appointment of Trustees The trustees who served during the period are listed In Ihis document. TTUStees are appointed by a resoludon passed 8t a propedy convened meeting of the charity trustees. The Board shall consist of at least three charity Iruslees. There is currently no maximum of trusloes that may be appolnted lo the cio. Induction and Training of Tru_stees In s&lectlng individuals for appolntment as Charity trustees, the trustees must have regard lo Ihe skills. knowledgg, and experlence needed for the effectlve administration of the CIO. Before their first appointment. new trustees receive a copy of the current version of the CIO'S Conslution and a copy of the CIO'S latest Annual Report and statement of accounts. Org8nis8tional S_tructur8 The charity trustees manage the affairs of the CIO and exercise all powers of the CIO. There are Uffenlly eight trustees who meet quarterly at formal board meeting5. Between forrnal meetings, the board will discuss any relevant matters as and when they arise. The trustees delegate the day-to-day management lo the Executlve Director. During the perfod. there have been no material changes In the policies pursued by the Board. Objectives and Activitles The CIO has been establlshed for the public benefit for the followlng purposes- A. The advancement of educatlon and the arts, by providing or asslsling in the provlslon of opportunities to dlscover, access. engage in, leam obout. understand and enjoy literature. wrltlng. creativity. culture and heritage,. and B. Such other charitable purposes that benefit the public c<Jnsistent wlth the objecl above as the charity trustees shall delerrnine. In support of our oblecuves, it is envlsaged the charity will WO with our partners across Exeter. Devon, and the UNESCO City of LlteratsJr8 Netr( to: Improved cvllural and creatlve well-being. B. Increased literary engagement and involvement and a greater love of reading and storyte115ng C. Greater awareness of the soclal and economic value of literature. D. Increased recognition for Exeter and wider Devon as a destination for literary tourism. E. Increased quality, quantity, and diversity of stories and storytelling. F. More equitable and inclusive literary offer for a wder array of diverse audiences. Page 2
Exeter City of Literature Trustees. Report {continued) Flnanclal Revlew Resetves Policy The Trustees have set a reserves policy so that they can comply with their le9al dutles lo protect and safeguard the 8ssets of the charity. The charity wll hold deslgnaled funds, or unrestrfcted reserves, for the following purposes- To allow the Trustees to prepare for an unexpected drop in Income or other change of circumstances in 8 vol8tile envbronment. Thls wlll be a sum not 18SS than three months. operating costs and will allow the charity to respond lo sudden change and manage the impact In an ordedy manner. To set aslde funds for the charlS employrnent commitments. Thi¥ will be the sum relallng to the Executive Team's contracts. Executlve Dlrectorfs Report Our Vision and Values OLJr vision Is for everyone to love stortes and storytelllng. Our mission is to work with our local and global communltSes to celebrate the dlverse slorles wlthin. Exeter City of Literafvre staff. Trustees, Partnership Netsvork members. and Gollaboralve partners Tre21811 Individu81s and groups with dlgnity, respect. falrness, and compasslon so that we create an envlronmenl that Is welcoming lo all. Strive for exGellenGe in all that we do, pushing boundarles and reimagining realitles wherever possible. Champlon 8 literary culture and th6 literary arts in and around Exeter, expecting the highest qual and Innovative imagination in our programmlng. prolects. and fundlng support. Uphold values that oppose racism, sexlsm. classism, homoKthobia. transphobia. xenophobia, ablelsm. ageism, religious preludlce, and other covert and overt forms of discrimination and bias. Recognize that words and actlons matter and understand that the absence of words and actions also matter. Impad is just as cruclal as int8nl. . Appreciate thal becoming tsuly inclusive and respectful is a continuous process and that we all act In imperfect Ways sometimes. Remain self-aware of our own limilatioDS and flaws, recogntzing when we are not at our best and communicating openly to resolve problems. Ensure the experlences. values, and neèds of under-representod. mInoty, andlor oppressed groups are represented and increased in wllcy. programs, practices, sponsorship, and leadership. Page 3
Exeter City of Literature Trustees. Report (contlnugd) OurAlms Our strategic aims set out tt)e key things we want to achlev8 in support of our obj8ctfves. W8 aim to: 1. Develop an ongoing program of literary-based projects, events, and Inltlatives thBt stlmulate cultural well-belng and contTibute to the Ilterary ecology of Devon. 2. Grow. expand, and fvrther devalop the Exeter City of Llterature Partnership Network. sharing and making best us8 of the valuable Ilterary resources and heritage assets we collectively hold. 3. Deliver an Inclusive talent development program thet 5UPP)rts and encourages literaGy and literary engagement. 4. Establish a vibrant Centre. or Centr85 (county-wide 'hubs'. including digital hubs), for story-maklng and storyielling. Program of Actlvlty and Key Achlevements 2023-2024 was Exeter City of Literature's first year as an Arts CouncAI NPO and the second fijll year of operation as a registered charity, which was constituted in November 2021. The charfty supports the literary and cultural sectors and develops resources for high-qualrty literary actlvity across Exeter and Devon with a variety of partners. Sinee 2021. the organisation has established a number of long-temi programs that deliver impact across our three strateglc pi118rs'. Place-shaping, Well-being, and Talent Development. 8elween April 2023-March 2024. the programs and projects that fell under these categories Included the Llterary Map of Exeter and Devon, the unveiling of literary artwork al Exeter St. David's, Clty Reads. The Book Market, Introduction to Bibliolherapy Skills at Exeter College, Blbliotherapy in the Community, the Book Nooks In Wam Spaces campaign, Slamovision. Translating Cultures, and the Exeler-Barcelona UNESCO Wrlter Residency. Our key programs and the objeclives and aims they correspond with are listed below along with the achievements delivered during this time perS0d. The chartty dellvered many other initi8tlves across Exeter and Devon and with intemalional partners to further the charitable aims and lo dellver on the vision for Exeter City of Llteralure. In 2024. the charfty submitted its MembershSp Monilorfng Report to UNESCO, which demonstrated the collecti Impact of the designation on the city b8tyveen 2019-2024. Introduction to Bibliotherapy Skills Objectlve: Improve cultuml and creative well-being., Increase literary engagement and Involvemenl, and a greater lovè of readlng and storyielling- Provlde a more equitable and incluslve literary offer for a wider array of dlvars8 audlences. Aim: Develop an ongoing program of liter8ry-based prolects. events, and initlatlves that 5timulales cultural well-being and contributes to the literary ecology of Devon- Deliver an inclusive talent development program that supports and encourages Ilteracy and literary engag8menl. Achievements: Thirty-IhrBe students completed the Course. L8adership from Exeter Clty of Literature and Exeter College developed the course further in preparation for accreditation from th8 N81ional Counselling and Psychotherapy Sctiety. Page 4
Exeter City of Literature Trustees, Report (continued) The Book Market.. July 2023 Objective: Increase literary engagement and involvement, and a greater love of reading and storytelling. Increase greater awareness of the social and economlc value of Illerdture.. Provide a mo equitsble and inclusive literary offer for 8 widw aNay of diverse audlences. Alm: Develop an ongoing program of Ilterary-based projects, events, and inillatlves that stimulate cultural well-being and contribute lo the1Sterary ecology of Devon. Achievements: This was our first year holdlng The Book Market on the Cathedral Green, whlch led to larger number of attendees lover 1.000 within five hours), 12 Sndependent bookshops from across South Devon. and new food and drink vendors. Al vendors reported a profit and feedback from the publlc was very posltive. Liler8wM8p of Exeter and Devon ObleGtlve: Increased literary engagement and Involvement and a greater love of reading and storytelling. Increased recognition for Exeter and wider Devon as a destlnallon for literary tourism. Alm: Develop an ongoing prraM of literary-based projects. events, and initiatlves that stimulate cultural well-being and contribute to the literary ecology of Devon., Dellver an Inclusive talent development program th8t supports and encourages Ilteracy and literary engagement. Achlevomonts: We hired a local graphic designer to create the map who found such personal and profession81 success from the project that she has since been hired to create other maps for parts of Devon. The first prlnt run of 10,000 was disthbuted Incredibly quickly and was requested as far and wide as Canada and India. Visit Exeter then came on board in 2024 to contribute to an updated verslon lo celebrate Exeter's fifth year as a UNESCO City of Literature. GWR Art Insf8118t Objectlve: Increased literary engagement and involvem&nt and a greater love of re8dlng and storytelling,. Greater awareness of the soaal and economic value of literature; Increased regnitIOn for Exeter and wider Devon as a destlnalion for literary tourism; More 8qUit8ble and Incluslve Ilierary offer for a wder array of diverse audiences. Aim.. Develop an ongoing program of literary-based projects, events, and inltlatives that stimulates cuhural well-belng and contributes to the literary ecology of Devon- Deliver an incluslve tslenl development program that supports and on¢ourages Illeracy and literary engagement. Achievements: Two young artists from the University of Plymouth wer8 giv8n a subslanb'al commission to create permanent arV0 al Exeter Sl. David's. The artwork is inclusive an(J showcases the rlthness of Devon's literary heritage and Ilterary insplration. The unvelllng was attended by local media and the author Philip Reeve. Book Nooks In W8nn Spaces Objective: Improved cultural and creative well-being. Incre8sed literary engagement and involvement and a greater love of reading and storytelling,. More equitable and inclusive lil&rary offer for a wider array of der8e audiences. Alm: Develop an ongoing prograrn of Ilterary-based projects, events. and initiatives that stlmulate cultural well-being and contribute to the literary ecology of Devon. Page 5
Exeter City of Literature Trust•es' Report (continued) Achievements: This was the ch8riWs first publlc fundralsing campaign with additional funding from Devon County Counell. Four Wami Spaces were selected from the lowest-literacy neighbourhoods across Devon, and each one received numerous new books purchased from Independent bookshops in Devon as well as new fijrnlture and readlng glasses for their Book Nooks. UNESCO Aclivthes Objectiva: Improved cultural and GreatNe well-being., Increas Ilterary engagernent and invofvement and a greater love of reading and storytelllng; Increased qualhy, quantity, and diversity of stories 8nd storylelling: More equitable and incluslve literary offer for a wlder array of diverse audiences. Alm: Develop an ongoing program of lilerary-based projects. events, and initlatives that stimulate cultural well-being and contribute to the literary ecology of Devon,. Dellver an Snclusive talent development program that supports and encourages Ilteracy and literary engagement. Achievements: The charity produced and participated in Translating Cultures with the Universlly of Exeler, an author residency with Barcelon8 City of Literature, and Slamovislon with dozens of Cllies of Literature. The results of thase projects led to poetry publlshing beeen Lviv City of Literature an the unlversity and significant wrlter development for young authors and poets in Devon. Partnership NetwoH( Members Afrl¢a Wrltes, Agile Rabbit, Arts & CUUre University of Exeter), Arvon. Bookbag, Devon & Exeter Institution. Document81 Theatre, Exeter Cathedral, Exeter City Council, Exeter College, Exeter Phoenix, First Draft Bookshop, Gnash Bookshop. InExeter, Libraries Unlimited, Literature Vvorks & Quay Word5. MakeTank, Northcott Theatre, Oxfam Bwkshop, The Pelican Project. Qulrk Theatre, RAMM, South West Heritage Trust, Sporkl, Theatre Alibi, Universlty of Exeter - English Department, University of Exeter Library & Speci81 Collections, Universlty of Exeter Modem Languages, Sludenls Guild (Universty of Exeterl. Villages in Action, Mslt Exeler. Well¢ome Centre for Cultures & Environments of Health, Word Kitchen. Flnanclal Revlew The Trustees are pleased with the progress on org8nisational set-up. operauonal dallvery, and the financial health of Exeter City of Literature In tts third full year of operallon. Th8 Trustees are grateful to the primary funder, Arts Council England, for ils commitment to the vislon of Exeter Clty of Literature and Its funding to establish and gr¢JW the charfly. At 31 March 2024, the figure for Rastrfcled fund rgserves is £109,001 and for general ftjnd reseNes Is £32,146. Restricted and general fund reserves can b? SP8nt only with approval by the Trustees al an ordinary or extraordinary Board meetlng. The Trustees will ravlew and approve the reserves pollcy In April each year as part of the preparation of the annual report and audited accounts. The general funds reservo will be used to supplement specific Gornmunlty engagement and program actNity as approved by Trustees over the next 12 months. Pago 6
Exeter City of Litèrature Trustees, Report (continued) statement of Trustees. Respon51billtles The Irustees are responsible for preparing the trustees, report and the finanThal statements in accordance wth the United Kingdom Accounllng Standards Iunlted Kingdom Generally Accepted Accounting Practlcel and applicable law and regulations. The law 8ppllcable lo charities requires the trustees to prepare financlal ststemènts for each finandal year whlth give a true and falr vlew of the state of affalrs of the charity and of the incoming resources and appllcation of resources of the charity for that perlod. In preparing these financial statemenls. the trustees are requlred to= select suitable accounting policies and then apply them consistently, obseNe the methods and principles in the Charitles SORP; make judgements and estlmate5 thal arg reasonable and prudent., state whether applicable accounting standards have been followed. subject lo any material departures disclosed and explained in the financial stalemenls: and prepare the financial statements on the going concem basis unless 11 is inappropriate to presume that the charity will ¢ontlnue In business. The trustees are responsible for keeping proper accountlng records that disclose with reasonable accuracy at any tlme the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008. and the provisions of the wnstltution. The trustees are also responsible for safeguarding the assets of the ChatY and hence for taklng reasonable steps for the prèvention and detectlon of fraud and other irregularlties. The trustees are responslble for the malntenance and Integrity of the corporate and financi81 information included on the charitable companys website. Legislatlon governing the preparation and dissemination of financial statements may differ from leglslalion In other jurisdiGtions. The 8nnual report was approved by th8 Iruslees of the charity on behalf by.. 3110112025 and signed on its S Hashemy Trustee Page 7
Exeter City of Literature Indepondent Examlner's Report to the trustees of Exeter City of Literature I report to the trustees on my examlnation of the accounts of Exeler City of Lllerature for the year ended 31 March 2024. Responslbillties and basls of report As the charity Iruslees of Exeter Cty of Literature you are responsible for the preparalion of the accounts in accordance with the requlremenls of the Charities Act 2011 l'lhè Act'l. I report in respect of my examination of the Exeter City of Literature's accounts carried out under section 145 of the 2011 Act and in carTring out my examinallon I have followed all the applicable Oirectbns glven by the Charity Commission under section 145151(bl of the ACL Indopendent examlnerfs statement Slnce Exeter City of L((erature's gross income exedd £250,000 your examiner rnu51 be a member of a body listed in seciion 145 of the 2011 Act. I conflmi that l am quallfied to undert8ke the examination because l arn a member of ICAEW, which is one of the listed bodies. I have completed my examlnalion. I confirm that no material matters have come lo my attention in connection wlth the examination giving me cause to belleve that in any material respect= 1. accounting records were not kept in respect of Exeter Cty of Llierature as required by sectlon 130 of the Act.. or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements concerning the form and Content of accounts set out in the Charities (Accounts and Reports) Regulatlons 2008 other than any requirement that tha accounts give a 'true and fair view which is not a matter consldered as pert of an independent examination. I have no eoneems and have come across no other matters in connectSon with the examinatlon to which attention should be drawn in this report In order to enable a proper understanding of the accounls to be reached. Catherine Willlams FCA DC Independent Examiner Westcotts (SWI LLP 47 Boutport Street Barnstaple Devon EX31 1SQ Dal8:.3.1........Tr.fKLQy a02 Pag8 8
Exeter City of Litèrature Statement of Financial Activities for the Year Ended 31 March 2024 Unrestrlcted funds Restrlcted funds Total 2024 Total 2023 Note Income and Endowments from: Donations and legacies Charftable acllvltles 5,000 17,302 232,650 1.406 237,650 18,708 130,249 5.851 Total Income 22.302 234.056 256,358 136.100 Expenditure on: Charitable activities {12,587 161,5121 {161,5121 1174,0991 177,2121 177,2121 Total expenditure (12,587 {174,0991 Net income Gross transfers been funds 9,715 72,544 82,259 58,888 1,602 1.602) Net movement in funds 11,317 70,942 82,259 58.888 ReGonclllatlon of funds Total funds brought f0rn8rd 20,829 38,059 58,888 Total funds carried forward 16 32,146 109,001 141.147 58.888 All of the charity's activities dedve from continuing operatlons during the above two periods. The funds breakdown for 2023 15 shosvn in note 16. The notes on pages 11 to 19 form an integral part of these financial statements. P8ge 9
Exeter City of Literaturo (Reglstration number: 1196686) Balance Sheet as at 31 March 2024 2024 2023 Noto Flxed assets Tangible 8ssets 11 1.202 Current assets Deblo Cash 8t bank and in hand 12 13 83 149.561 64,709 149,644 {9.6991 64,709 {5,821 } 58,888 Credltors: Arnounts falling due wlthin one year 14 Net current assets 139,945 Net assets 141.147 58.888 Funds of the charlty: Restrlcted Income lunds Reslridad funds 109,001 38.059 Unrestrlcted income funds Unrestricted funds 32.146 20,829 Total fund• 16 141,147 58.888 The financial statements on pages 9 to 19 were approved by the tnjstees, and authorlsed for issue on 3110112025 and signed on their behalf by.. S Hashemy Trustee The notes on pages 11 to 19 form an integral part of these financial statements. Pago 10
Exeter City of Literature Notes to the Financlal Statements for the Year Ended 31 March 2024 1 AGGountlng policies statement of compllance Th8 financial statements have been prepared in accordance wlth the second edttlon of the Chariligs statement of Recommended Practice issued in October 2019, the Flnancial Reportlng Slandard app15cable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charilles Act 2011. 8asls of preparation Exeter Clty of Literature meets the definition tsf a public benefit entity under FRS 102. The accounts (financial stalementsl have been prepared under the historical cost conventlon vlth ilems recognised at cost or transaction value unless otherwise staled In the relevant notels) to these accounts. The financial statementx have been prepared In sterllng whlch is the functional currency of Ihe charity. Going concem The trustees consider that there are no materlal uncertalntles about the charitys ability to conunue as a golng conc8m. Income and endowments Voluntary income indudlng donations, gifts, legacles and grants that provide ¢ore funding or are of a general nature is recognSsed when th8 charity has entitlement to the Incom8. It is probable that the incom8 will be received and the amount can be measured th sufficient reliability- Grants recelvable Grants are rec£)gnised when the ¢harity has an entitlement to the funds and any ¢onditlons linked to the grants have b88n mel. Whore performance conditions are attached to the grant and are yel lo b mel, the Income Is recognisgd as a liability and included on the balance sheet as deferred Income to be released. Expendllure All exponditure Is recognlsed once there Is a legal or constructive obIlgaOn to that exp8nditure, it is probable settlemenl Is required and the amount can be m8asured reliably. All costs 8re allocated to the applicable expendilure heading that aggregate slmilar costs to that category. Where costs cannot be dirnctly altrlbu18d to particular headings they have been allocated on a basls consistent with the use of resources, with central staff costs allocated on the basis of tlme spent, and depreciation charges 211ocated on the portion of the asset'5 use. Other support Costs are allocated based on the spread of staff costs. Charltable activitios Charitable expendlture comprises those costs incurred by the charity In the delivery of its activities and services for Its beneficiaries. It includes both costs that Can be aliocat&d dlrectly to such activitios and those costs of an indirect nature necessary to support them. Page11
Exeter City of Literature Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) Support costs Support costs include central functions and have been allocated to actlvlty cost categorfes on a basis consistent wlth the use of resources, for example. allocatlng propety costs by floor areas, or pgr capila, staff costs by the lime spent and other costs by thelr usage. Governance costs These include the costs attribulable to the charfly's compllance with constitutional and statutory requlremenls. including audll, strateglc managernenl and trustees meetings and reimbursed expenses. Tan9lble flxod assets Individual fixed assels are inltlally recorded at cost, less 8ny subsequent accumulated depreciation and subsequent accumulated imp8irment losses. Depreclatlon and amortlsatlon Depreciation is provided on tangSble fixed assets so as to wrlte off the Gost or valuation, less any estlmaled resldual value, over thalr expected uselul ¢¢onomlc Ilfe as follows.. Depreciation method and rate 25.10 Straight line Asset class offi Equipment Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits. and other short-term highly liquid ifivestmenls that are readily convertlble to a known amount of cash and are subject to an insignifiGant risk of change in value. Fund structure UnreslriGted inwme funds are general funds that are available for use at the trustees discretlon in fvrthgrance of the oblectives of the charity- Restrfcted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that are8 or purpose. Pensions and other post retlrement obllgatlons The charity operates 8 defined contrlbutlon pension scheme which 18 8 pension plan under which ffixed eontribulions are paid into a penslon fund and the charity has no18gal or conslructive obllgation lo pay further contributions even rf the fund does not hold sufficlent assets lo pay all employees the benefits relating to employee seNice in the current and prior periods. Contributions to defined contribution plans are recognlsed in the Ststemenl of Financial Activllies when they are due. If contribution payments exceed the contributlon due for service, Ihe gxcess Is recognised as 8 prepayment. Page 12
Exeter City of Litorature Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) Flnanclal Instruments Classlflcation Flnanclal assets and financial Ilabilities are rea)gnised when the tharity become5 a paty to the conlraclual provislons of the Instrument. Finandal liabilitles and equity instruments are classsfted according to the Substan of the contractU81 arrangements entered into. An equity instrument Is any contract thal evidences 8 residual interest In the assets of the charity after deductlng all of Ils liabiliknes. Recognltlon and nJeasurem•nt All financial assets and liabilities are initially measured at transaction price {including Irans8Ction costs), except for those financial 8ssets classified as at fair value through profit or loss, whSch are initially measured at fair value (which is normally the tr8nsacilon price excluding transactlon coslsl, unless the arrangement constitutes 8 financing transactlon. If an arrangement constitutes a financing transaetlon. the financi81 assel or financial liabS1ity is measured at the present value of the future paents dlscounted al a mart(et rate of Interest for a simllar debt instrument. Financi81 assets and liabilitses are only offset In the statement of llnanclal position when, and only when there exists a legally enforceable right to sel off the recognised amounts And the chadty intends either to settle on a net basis, or to rea115e the asset and settle thè liability simullaneously. Financial assets are derecognised when and only when a} the contractual right5 to the cash flows from the financial asset expire or are settled, b) the charlty transfers to another party substantially all of the risks and rewards of ownership of the financlal asset, or c} the charity. despite having retalned some, but not all, signtficant rfsks and rewards of ownership, has transferred control of the asset to another paty- Financlal liabllttses are derecognised only whan the obllgallon speafied in the contract is dlsch8rged, cancelled or expires. 2 Income from donatlons and legacies Unrestrlcted funds Restrlcted funds Totsl 2024 Grants 5.000 232,650 237,650 Unrestricted funds Restrlcted funds Total 2023 Grants 20.000 110.249 130,249 Page 13
Exeter City of Literature Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 3 Income from charitable actlvltles Unrestrfctad funds Restricted funds Total 2024 Activity event income Contribution inrne 3,4( 13.896 406 1.000 3,812 14,896 18.708 17,302 1,406 Unrnstricted funds Total 2023 Activity event income Contrlbution income 4.351 1.500 5,851 4.351 1,500 5.851 4 Expendlture on charitable actlvltles Unrestrlcted funds Restricted funds Total 2024 Note Programme costs Artisllc & Cultural Spend Charitable actlvlties Allocated support costs 1.184 10,009 5,744 32,734 118,500 4,534 161,512 6.928 42,743 118,944 5,484 174,099 950 12,587 Unrestricted funds Restrided funds Total 2023 Note Programme Costs Artistic & Cultural Spend Charitable activtues AJIIx8ted support costs 4.616 4,032 63,542 4,616 4,182 64,520 3,894 77.212 150 978 3,894 5,022 72,190 Page 14
Exeter City of Literature Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) S Analy51s of govemance and support costs Support costs allocated to charllable activities Support costs Total 2024 Totsl 2023 B8nk charges Subscriptions Consultants fees Independent Examiner's remuneralion 17 301 2,000 3,166 5,484 17 301 2,000 3,166 5,484 81 3.813 3,894 6 Net Incomlngloutgolng resources Nel incoming resources for the year indude.. 2024 Depreclatlon of fixed assets 7 Trustees remuneration and éxpenses No trustees. nor any persons connécted with them. h8ve rec8lved any remuneratlon from the charity during the year. No trustees have recelved any reimbursed expenses from the charity during the year. Page 15
Exeter City of Litsrature Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 8 Stsff costs The aggregate payroll costs were as follows.. 2024 2023 Staff costs duylng the year were.. Wages and salades Pension costs 74.272 5,203 79,475 56,405 1.654 58.059 The Monthly average number of persons Ilnduding senior management I leadership team) employed by the charity durlng the year was as follows: 2024 No 2023 No Charitable activities No employee recelved emoluments of more than £60,000 durlng the year g Independent examlnerfs remuneration 2024 2023 Examination of the flnanclal statements 3.166 3.813 10 Taxation The charlty is a reglstered charty and Is therefore exèmpt from taxatlon. Page 16
Exeter City of Literature Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 11 Tangible flxed assets Furniture and equipment Total Cost Additions 1,602 1.602 At 31 March 2024 1,602 1,602 preclatlon Charge for the year 400 400 At 31 March 2024 400 400 Met book value At 31 March 2024 1,202 1,202 12 Debtors 2024 Trade debtors Prepayments 33 83 13 Cash and ca8h equlvalents 2024 2023 Cash at bank 149,561 64,709 14 Credltors: amounts falllng due wlthin one year 2024 2023 Trade creditors Other lax8tion and social security Pension creditors Accm8ls 875 6,203 521 2,100 9,699 339 1,831 372 3,279 5.821 Page 17
Exeter City of Literature Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 15 Pension and other scheme5 D•fined contrlbutlon penslon scheme The charity operal8s a defined contrfbution pension scheme. The pension cost charge for the year ropresents contributions payable by the charity lo the scheme and amounted to £5.203 {2023 £1,654). 16 Funds Balance at Balance at 31 March 2024 Incoming Resources resources expended 2023 Trnnsfers Unrestrlcted funds General Fund5 20,829 22,302 112,587) 1,602 32,146 Restricted funds ACE NPO ACE Project Grant 1 ACE Project Grant 2 GWR Community Fund 1.471 5,425 21.863 9.300 159,870 18,060 1,026 55,100 1105,5641 {14,3461 (4,842) 36,760 1161,5121 (147) 11,0971 1358) 55,630 8,042 17,689 27,640 109.001 38,059 234,056 11,6021 Total funds S8,888 256,358 (174,099 141,147 Balance al 31 March 2023 Incoming resources Resources expended Unrestr5cted funds General Funds 25,851 {5,022) 20,829 Restricted funds Grants Restricted Fund 110,249 72,1901 38,059 Total funds 136,100 77,212 58.888 Restrlcted Fund6 The restricted funds are to be spent on the Ilter8ry projects In which they were glven. In order to assist users of the accounts, additional disclosure has been inGluded within the 2024 accounts to show more clearly the individual restrlcted funds. Pagg 18
Exeter City of Literature Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 17 Analysls of nat assets between funds Totsl funds at 31 March 2024 UnTestrlcted funds Restricted funds Tangible fixed assets Current assets Current liabilitses 1,202 40.643 9,699 1,202 149,644 {9,699) 141.147 109,001 Total net assets 32.146 109,001 Total funds at 31 March 2023 Unrestrlcted funds Restrlct¢d funds Current assets Current Ilabilities 24,144 3,315 40,565 12,5061 38,059 64,709 15,821 58.888 Total n818ssets 20,829 18 Relatsd party transactlons There were no related party transactions in the year. Page 19