| Page | |||
|---|---|---|---|
| Trustee report | 1-7 | ||
| Independent examiner's |
repoit | ||
| Statement offinancial | activities | ||
| Balance sheet | 10 | ||
| Notes to the financial | statements | 11 - 17 |
| Restricted | Restricted | |||
|---|---|---|---|---|
| funds | funds | |||
| 2023 | 2022 | |||
| Notes | ||||
| Income from: | ||||
| Grant Income | 367,486 | 75,275 | ||
| Ex enditure on: | ||||
| Charitable activities |
182,920 | 61,818 | ||
| Net income for the year/ Net movement in funds |
184,566 | 13,457 | ||
| Fund balances | at 1April 2022 | 13,457 | ||
| Fund balances | at 31 March 2023 | 19&,023 | 13,457 |
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| Notes | ||||||
| Fixed assets | ||||||
| Tangible assets | 3,935 | |||||
| Current assets | ||||||
| Debtors | 10 | 984 | ||||
| Cash at bank and in | hand | 197,708 | 16,356 | |||
| Creditors: amounts | falling due within one | 198,692 | 16,356 | |||
| year | (4,604) | (2,899) | ||||
| Net current assets | 194,088 | 13,457 | ||||
| Total assets less current liabilities | 198,023 | 13,457 | ||||
| Income funds | ||||||
| Restricted funds Unrestricted funds |
12 | 198,023 | 13,457 | |||
| 198,023 | 13,457 |
| Accounting policies |
|
|---|---|
| 1.5 | Expenditure |
| Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer ofeconomic benefits will be required in settlement, and the amount of the obligation can be measured reliably. |
|
| Expenditure is classified by activity. The costs ofeach activity are made up ofthe total ofdirect costs and shared costs, including support costs involved in undertaking each activity, Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use ofresources. Central staff costs are allocated on the basis oftime spent, and depreciation charges are allocated on the portion ofthe asset's use. |
|
| 1.6 | Tangible fixed assets |
| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net ofdepreciation and any impairment losses. |
|
| Depreciation is recognised so as to write offthe cost or valuation ofassets less their residual values over their useful lives on the following bases: |
|
| Fixtures and fittings 20%straight line |
|
| Computers 20%straight line |
|
| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the canying value ofthe asset, and is recognised in the statement offinancial activities, |
|
| 1.7 | Impairment offixed assets |
| At each reporting end date, the charity reviews the cat'eying amounts ofits tangible assets to determine whether there is any indication that those assets have suffered an impahment loss. Ifany such indication exists, the recoverable amount of the asset is estimated in order to determine the extent ofthe impairment loss (ifany). |
|
| 1.8 | Cash and cash equivalents |
| Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities ofthree months or less, and bank overdrafts. Bank overdrafls are shown within borrowings in current liabilities. |
|
| 1.9 | Financial instruments |
| The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' ofFRS 102to all ofits financial instruments. |
|
| Financial instnunents are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions ofthe instrument. |
|
| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set offthe recognised amounts and there is an intention to settle on anet basis or to realise the asset and settle the liability simultaneously. |
|
| Basicfinancial assets | |
| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at amarket rate ofinterest. Financial assets classified as receivable within one year are not amortised. |
| Grant | Income | |||||
|---|---|---|---|---|---|---|
| Restricted | Restricted | |||||
| funds | funds | |||||
| 2023 | 2022 | |||||
| Grants | received | (see | note | 12) | 367,486 | 75,275 |
| Charitable | Charitable | |||||
|---|---|---|---|---|---|---|
| Expenditure | Expenditure | |||||
| 2023 | 2022 | |||||
| Staffcosts | 53,763 | |||||
| Share ofsuppoit costs (see note 5) Share ofgovernance costs (see note 5) |
109,853 19,304 |
10,628 51,190 |
||||
| 182,920 | 61,818 | |||||
| Support costs | ||||||
| Support costs | Governance | 2023 | 2022 | |||
| costs | ||||||
| Office expenses | 1,534 | 227 | 1,761 | 1,408 | ||
| Subscriptions | 608 | 608 | 360 | |||
| Advertising and marketing Project costs |
20,862 79,086 |
20,862 79,086 |
9,744 | |||
| Legal &professional | 11,482 | 11,482 | 5,742 | |||
| Depreciation | 321 | 321 | ||||
| Bank charges | 82 | 82 | ||||
| Other expenses | 55 | 55 | ||||
| Travel &subsistence | 1,294 | 1,294 | 649 | |||
| Recruitinent costs |
6,011 | 6,011 | ||||
| Accountancy Cost ofTrustee meetings Board recruitment expenses |
4,467 3,128 |
4,467 3,128 |
2,484 2,544 38,887 |
|||
| 109,853 | 19,304 | 129,157 | 61,818 | |||
| Analysed between |
||||||
| Charitable activities |
109,853 | 19,304 | 129,157 | 61,818 |
| 2023 | 2022 | ||
|---|---|---|---|
| Number | Number | ||
| Employment | costs | 2023 | 2022 |
| Wages and salaries | 53,030 | ||
| Other pension | costs | 733 | |
| 53,763 |
| 9 | Tangible fixe | d assets | |||
|---|---|---|---|---|---|
| Fixtures and | Computers | Total | |||
| fittings | |||||
| Cost | |||||
| Additions | 809 | 3,447 | 4,256 | ||
| At 31March | 2023 | 809 | 3,447 | 4,256 | |
| Depreciation | and impairment | ||||
| Depreciation | charged in the year | 33 | 321 | ||
| At 31March | 2023 | 33 | 288 | 321 | |
| Carrying amount |
|||||
| At 31March | 2023 | 776 | 3,159 | 3,935 | |
| 10 | Debtors | ||||
| 2023 | 2022 | ||||
| Amounts falling due within one year: |
|||||
| Prepayments | and accrued income | 984 |
| Creditors: amounts |
falling due within one year |
||
|---|---|---|---|
| 2023 | 2022 | ||
| Trade creditors | 415 | ||
| Accruals and deferred | income | 4,604 | 2,484 |
| 4,604 | 2,899 |
| Movement | in funds | Movement | in funds | |||||
|---|---|---|---|---|---|---|---|---|
| Incoming | Resources | Balance at | Incoming | Resources | Balance at | |||
| resources | expended | IApril 2022 | resources | expended | 31March 2023 | |||
| WG Seed Fund | 70,275 | (61,458) | 8,817 | 318,792 | (121,349) | 206,260 | ||
| MTCBC | Seed Fund | 5,000 | (360) | 4,640 | (1,884) | 2,756 | ||
| Ait Consultancy | 33,204 | (33,204) | ||||||
| National | Contemporary | Att | ||||||
| Gallery | 9,990 | (9,990) | ||||||
| UK Shared Prosperity | Fund | 5,500 | (16,493) | (10,993) | ||||
| 75,275 | (61,818) | 13,457 | 367,486 | (182,920) | 198,023 |
| Analysis ofnet assets between funds |
|||
|---|---|---|---|
| Restricted | Restricted | ||
| funds | funds | ||
| 2023 | 2022 | ||
| Fund balances at 31March 2023 are represented | by: | ||
| Tangible assets | 3,935 | ||
| Current assets/(liabilities) | 194,088 | 13,457 | |
| 198,023 | 13,457 |