## ## ||||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| ## ##